HomeMy WebLinkAboutCC RES 93-056RSSOLUTION NO. 93-56
A RSSOLUTION OF THS CITY COUNCIL OF THB CITY
OF PALN DSS$RT APPROVING '1'�IE RBIMBURS$KSNT TO
Tf� CITY OF PALM DSSSRT FOR FUNDS ADVANCED FOR
THS CONSTRUCTION OF THS NORTH PORTOLA STORM
DRAIN PROJBCT FROM TH8 PALM DB5ERT
REDSVELOPI�NT AGSNCY
WHBRBAS, the City and the Palm Desert Redevelopment Agency
cooperated and caused to be constructed the North Portola Storm
Drain Project ("Project"), a flood control project in Project Area
No. 2; and
WH$REAS, the project was undertaken pursuant to the
Redevelopment Plan for Project Area No. 2; and
WI�R$AS, no moneys of the City are, ar reasonably expected to
be, available on a long-term basis under the budget of the City of
Palm Desert to pay for such costs; and
WHERSAS, the Agency and City have agreed through Contract
No. 00-330, approved by the City Council and Palm Desert
Redevelopment Agency on November 10, 1988, that the City will
advance funds for the construction af the Project, and the Agency
will repay the City for all funds advanced with an interest rate of
eight percent (8$) per annum from the date of advance to the date
of repayment.
NOW, THSRBFORE, BE IT RgSOLVgD by the City of Palm Desert
hereby agrees that all funds advanced to the Agency for the
construction of the North Portola Storm Drain Project will be
repaid by the Palm Desert Redevelopment Agency, plus eight percent
(S$} per annum, from the date of advance to the date of
replacement, from the first available source af Agency funds
lawfully available therefor, in Project Area No. 2.
B$ IT FURTf�R RSSOLVSD that 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 of the terms hereof.
RSSOLUTION NO. 93-56
APPROVSD AND ADOP'1'BD this 24th day of June, 1993, by the
following vote, to wit: �
AYES: CRITES, K&LL�i, SNYDER, WILSON, BBNSON
NOES: NONE �
ABSENT:
ABSTAIN:
NONE
NONE
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AT'�'E�'P : ' ,
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-�Sheila R. Gi igan,,�i y Clerk
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Jean, . Benson, Mayor
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