HomeMy WebLinkAboutCC RES 80-081RESOLUTION N0. 80- 81
A RESOLUTION OF THE CITY COU�dCIL OF THE CITY OF PALP1 DESERT,
CALIFORNIA, AUTHORIZING AN ADVAPICE TO THE PALM DESERT
REDEVELQPMENT AGE�ICY I�! THE AMOUNT OF $807,000.00. SUCH
ADVA�lCE TO BE TREATED AS A LOAN APJD REPAID !�IITN INTEREST.
!AIHEREAS, the 1980j81 Program of the Palm Desert Redevelopment
Agency requires temporary funding by advance from the City in the amount of
3807,�00.0�;
NOIJ, THEREFORE, BE IT RESOLUED by the City Council of the Cit.y of
Palm Desert, California, that:
1. An advance of �807,�00.00 to the Palm Desert Redevelopment
Agency from the City's Civic Center Capital Improvement Reserve Fund is
hereby authorized;
2. Said advance shall bear interest at the rate the City could
earn, as determined by the Director of Finance, and shall be repaid to the
City at such time as receipts by the Redevelopment Agency shall permit.
PASSED, APPROVED, and ADOPTED this 26th day of June � ig���
by the followinq vote, to wit:
AYES: McPherson, Newbrander, Puluqi, Snyder & Wilson
NOES: None
ABSENT: None
ABSTAIN: None
ATTEST:
�' , �
,�
� %� � .� � -C�
SHEILA R. �ILL �.d, CITY C
CITY OF PALP1 DESERT (