HomeMy WebLinkAboutCC RES 93-055RESOLUTION NO. 93-55
A RS90LUTION OF TEIE• CITY COIJNCIL OF 1'HS CITY
OF PALM DBSSRT BSTABLISHING A RSDSVBLOPMENT
RSVOLVING FUND
THE CITY COUNCIL OF THE CITY OF PALM DESERT HEREBY FINDS,
DETERMINES, RESOLVES AND ORDERS AS FOLLOWS:
�ection 1. The Community Redevelopment Law (California Health
and Safety Code Section 33000, g�. secr.) 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 �250,000 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 Section 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.
�ection 3. The monies paid to or on behalf 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 monies paid to or on behalf of the Agency from the
Redevelopment Revolving Fund. Such loan is to be repaid from the
first source of Agency funds lawfully available. 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.
RgSOLUTION NO. 9S 5
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. '
Section 6. This Resolution supersedes Resolution No. 90-118,
approved and adopted on the 23rti dap of Augt]sty 1�990.
APPROVED AND ADOPTED this 24th day 6f Jun�, 1993.
AYES:
NOES:
ABSENT:
ABSTAIN:
CRITES, KELLY, SNYDER, WILSON, BENSON
NONB
NONS
NONE
ATT$ST: ---�i i
, ;� , j ,,�
�_: _ � / Y� n �:
, � ,
��Sheila R. G ligan, y Clerk
�c..,- ��' �c � �1-�
J n M. Benson, Mayor
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