HomeMy WebLinkAboutCC RES 77-069RESOLUTION N0. 77-69
A RESOLUTION OF THE CITY COUNCIL OF THE CIT OF PALM
DESERT. CALIFORNIA. AUTHORIIING AN ADYANCE TO THE PALM
OESERT REDEYELOPMENT AGENC IN THE AMOUI (T QF 5500.000.
SUCH ADIIANCE TO BE TREATED AS A LOAN AN TO BE REPAID
MITH INTEREST
The City Counctl of the C1ty of Pal n Desert, California. DOES HEREB
RESOLYE as folloMs:
1. That an adwnce 1n the anwunt of 5500.000 is hereby authorized
to the Palw Desert Redevelopment Agencr for the purpose of financing
the Agenty's 1977/78 Bud9et until such time as the Agency is able to
consunn ate a loan fran a private lending institution;
2. That said advance to the Palm Oesert Redevelopment Agency shall
be treated as a loan to be repaid br said A9ency Mith interest at the
rete of eight percent (8 ) per annun as soon as said Agencr receives
the proteeds of e loan from a private le ding institution.
PASSED.APPROVED. and AOOPTED by the City Councii of the City of Palm
Desert, Lallfornla, on the 23 4 day of June . 1977 by the
following vote, to wit:
AYES: Br'ush. McPherson. Neubrander. Milson 6 Mullins
NOES: None
ABSEIR: None
AdSTAIN: None
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