HomeMy WebLinkAboutCC RES 81-148RESOLUTION N0. 81-, 4 �
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM
DESERT, CALIFORNIA, AUTHORIZING AN ADVANCE TO THE
CITY OF PALM DESERT REDEVELOPMENT AGENCY TO PROVIDE
FOR THE COSTS ASSOCIATED WITH THE REAUTIFICATION OF
HIGHWAY 111.
I�HEREAS, the Palm Desert Redevelopment Agency is incurring
costs in connection with the Highway 111 Beautification Project; and,
WHEREAS, such costs will be recovered from future Tax Increments
generated within the Project area;
NOW, THEREFORE BE IT RESOLVED by the City Council of the Cit.y of
Palm Desert, California, that:
1. An advance in the amount of �205,�00.00 is hereby authorized
to the Palm Desert Redevelopment Agency. The sum of y105,000.00
shall be advanced from the Unobligated Fund Balance of Capital
Improvement Reserve Fund 31 "Ave. 44 Improvement"; and the Sum of
�100,000.00 shall be advanced from the Unobligated Fund Balance
of Capital Improvement Reserve Fund 44 "Ave. 44 Storm Drain."
2. Said advance, for the Highway 111 Beautification Project, shall
be treated as a loan by the City; shall bear interest as
currently provided for advances to the Agency; and shall be re-
paid at such time as the receipt of sufficient Tax Increments
permit.
PASSED, APPROVED and ADOPTED on this �9th day of Novem er �
1981, by the following vote to wit:
AYES: McPherson, Newbrander, Puluqi, Snyder & Wilson
NOES: None
ABSE'VT: None
AQSTAIN: None
��- G/ �
. R ILSON, MAY R
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ATTEST:
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SHE��/ �G.G�-G-�/ / /f�
R. GILLIGAN, CITY CLER v
CITY OF PALM DESERT, CALIFORNIA