HomeMy WebLinkAboutCC RES 86-112A1
RESOLUTION N0. 86-112
A RESOLUTION OF THE CITY COUNCIL OF 7HE C1TY OF PALM
OESERT ESTABLISHING A REDEYELOPMENT REVOLVING FUND
THE C I TY COUNC I L OF THE C I TY OF PALM DESERT HEREBY
FINOS, DETERMINES, RESOLVES AND ORDERS AS FOLLOWS:
Section 1. The Community Redevelopment Law (Californta
Health and Safety Code Section 33000, et seq.) provides for the
establishment of a special fund to be kept in the treasury of
City of Palm Desert known as the redevelopment revolving fund.
The City Council hereby authorizes and directs that a"Redevelop-
ment Revolving Fund" be estab)ished in the treasury of the City
and thet the sum of $6,000,000.00 be appropriated to and set
aslde in such Fund.
Section 2. The moneys in the Redevelopment Revoiving
Fund shall be paid to or on behalf of the Palm Desert Redevelop-
ment Agency upon the terms set forth in Section 3 hereof, for
any of the followtng purposes:
A. Depos i t i n a trust fund of the Agency to be
expended for the acquisition of real property in any project
area of the Agency.
B. The clearance of any project area of the Agency.
C. Any expenses necessary or incidental to the
carrying out of a redevelopment plan which has been adopted by
the City Council.
Sect i on 3_. The moneys pa i d to or on beha 1 f of the
Agency from the Redevelopment Revolving Fund shall constitute a
loan of such moneys by the City to the Agency. Such loan shall
be repaid from the proceeds of the sale of real property acquired
Resolution No. 86-112
by the Agency from any source of Agency funds lawfully avatiable
therefor. Moneys paid to or on behalf of the Agency from the
Redevelopment Revolving Fund shall bear interest from the date
of such payment to the date of repayment by the Agency at e rate
equal to the average percentage rate the City recelves on its
own investments for the period which begins on the date of such
payment and ends on the date of such repayment.
Section 4. The Finance Director of the City is hereby
authorized and directed to establtsh such accounting a�d other
procedures as may be necessary, convenient or desirable under
the circumstances to accomplish the purposes and intent of this
Resolution.
Section 5. The City Clerk is hereby authorized and
directed to cause a copy of this Resolution to be transmitted to
the Agency and the Agency is hereby requested to indicate its
agreement to the terms hereof.
APPROVEO and ADOPTED this 6th dey of November,
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AYES:
NOES:
ABSENT:
BENSON, SNYDER, WILSON AND KELLY
NONE
NONE
AB�TAIN: NONE
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Mayor