HomeMy WebLinkAboutCC RES 76-113i,
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RE30LUTION NO. 76-113
A RE30LUTION OF THE CITY COUNCIL OF THE CITY
OF PAL1l DESERT. CALIFORYIA, AUTHORIZING AN
ADVANCE TO THE PAWI DESER'T REDEVELOPI(ENT AGENCY.
wHERBAB, tde Palm Desert Redevelopment Agencq has need for
immediate cash to meet a program payment to the contractor for the
Alessandro Street pro�ect; and
MHEREA3, premature liquidation of the Redevelopment Agencq's
inactive deposit certificates would result in a significant loss oi
interest earned.
N011� THEREFORE. BE IT RESOLVm by the City Council of the
City of Palm Desert� California, that an advance to the Palm Desert
Redevelopment Aqency of not to exceed 3100.000 of Citq cash is
herebq authorized. The said advance, with interest at the rate of
8� (eight perceat) per annum. is to be repaid to the City on
October 13, 1976, upon maturitq of the first of the AReacy's
iaactive deposit certificates.
PASSED� APPROZ'ID, AND ADOPTED on this 26th day of
Au¢ust . 1976. bq the following v:*P:
AYES: 1dcPherson, �ullias. Newbip�+der. Seidler & Brush
NOES: None
ABSENT: Noae
ABSTAIN: None
ATTEST :
HEILA B. GILL AN� A ng City Clerk
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