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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: �� ; -� �� Sheila R. CRITSS, KgLLY, SNYDSR, WIISOai, BBN30N ���� NONE NONE ^, .� .� � � _ Je " M. Benson, Mayor �' � liqaa,/�ity Clerk � 0