HomeMy WebLinkAboutCC RES 90-118 RESOLUTION N0. 90-118
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF PALM DESERT ESTABLISHING A REDEVELOPMENT
REVOLVING FUND
THE CITY COUNCIL OF THE CITY OF PALM DESERT HEREBY FINOS ,
DETERMINES , RESOLVES AND ORDERS AS FOLLOWS :
Section 1 . The Community Redevelopment Law ( California
Health and Safety Code Section 33000 , et seg. ) provides for the
establishment of a special fund to be kept in the treasury of the
City of Palm Desert known as the Redevelopment Revolving Fund .
The City Council hereby authorizes and directs that a
"Redevelopment Revolving Fund" be established in the treasury of
the City and that the sum of $240 , 000 be appropriated to and set
aside in such Fund .
Section 2 . The monies in the Redevelopment Revolving Fund
shall be paid to or on behalf of the Palm Desert Redevelopment
Agency upon the terms set forth in Sectio� 3 hereof, for any of
the following purposes :
A . Deposit in a trust fund of the Agency to be expended
for the development of Project Area No. 3 .
B . Any expenses necessary or incidental to the carrying
out of the development of the Project Area .
Section 3 . The monies paid to or on behaif of the Agency
from the Redevelopment Revolving Fund shall constitute a loan of
such monies by the City to the Agency. Such loan shall be repaid
from the proceeds tax increment generated by the proposed Project
Area from montes paid to or on behalf of the Agency from the I
Redevelopment Revolving Fund. Such loan may also be repaid by I
�i
Resolution No. 90-118
the Agency from any source of Agency funds lawful ly avai lable
therefor . Monies 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 a rate ;
equal to the average percentage rate the City receives 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 establish such accounting and 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.
APPROVED AND ADOPTED this 23rd day of August , 1990 .
AYES : B�'NSON, SNYDER, Ti1ILSON, CRIT�S
NOES : NONE
ABSENT: KELLY
ABSTAIN : NONE �
MAYOR
ATTEST:
� �-
C Y CLERK �
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