HomeMy WebLinkAboutCC RES 93-054R$SOLU'tIOI�I NO. 93-54
A RBSOLOTIOI�I OF TiiB CITY COUNCIL OF THE CITY
OF PALM D$S$RT SSTABLISHIIdG A RBDSVBLOPt�IiT
RgVOLVING FUND
TH$ CITY COUNCIL OF THE CITY OF PALM D$SERT HEREBY FINDS,
DETERMINES, RESOLVES AND ORDERS AS FOLLOWS:
Section 1. The Comn►unity Redevelopment Law (California Health
and Safety Code Section 33000, �. sec.) providea 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"Redevelopment
Revolvinq Fund" be established in the treasury of the City and that
the sum of S6,OOO,A00.00 be appropriated to and set aside in such
Fund.
Section 2. The moneys in the Redevelopa�ent Revolving Fund
shall be paid to or on behalf of the Palm Desert Redevelopment
Agency upon the terms set forth in Section 3 hereof, for any of the
following purposes:
A. Deposit in a trust fund of the Aqency 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.
Section 3. The moneys paid to or on behalf of the Agency from
the Redevelopment Revolvinq Fund shall constitute a loan of such
moneys by the City to the Agency. Such loan shall be repaid from
the first source of Aqency funds lawfully available 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 Aqency at a rate equal to the average
percentaqe rate the City receives on its own investments for the
period which beqins on the date of such pay�ent and ends on the
date of such repayment.
AM EN DED
BY RESOLUTIO{V #._� ,��
DATED: _4'._....�. �..._ �' �.....
�
BY RESOLUTION #��..1.�_.
D/'.TED: 3_'_� 3_ : 9-5------
RESOLUTION NO. 93-54
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 accoa�plish _the p�rposes and intent of this
Resolution. ,
Section 5. The City Clerk is hereby authori2ed and directed
to cause a copy of this Resolution to be transmitted to the Agency
and the Aqency is hereby requested to fncii�cate its agreement to the
terms hereof. .
Section 6. This Resolution supersedas Resolution No. 86-112A,
approved and adopted on the 6th day of Noveoiber, 1986.
APPROVSD AND ADOPTED this 24th day of June, 1993.
AYBS:
NOES:
P►ssBrrr :
ABSTAIN:
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Sheila R.
CRITSS, KgLLY, SNYDSR, WIISOai, BBN30N
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NONE
NONE ^,
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Je " M. Benson, Mayor
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liqaa,/�ity Clerk
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