HomeMy WebLinkAboutCC RES 95-015RESOLUTION NO. 95-15
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF PALM DESERT MAKING A FURTHER APPROPRIATION
TO THE REDEVELOPMENT REVOLVING FUND
THE CITY COUNCIL OF THE CITY OF PALM DESERT HEREBY FINDS,
DETERMINES, RESOLVES AND ORDERS AS FOLLOWS:
Section 1. The Community Redevelopment Law (California
Health and Safety Code Section 33000, gt. sea.) provides for the
establishment of a special fund to be kept in the treasury of City
of Palm Desert known as the Redevelopment Revolving Fund. Pursuant
to its Resolution No. 93-54, the City Council has established such
a Redevelopment Revolving Fund. The City Council hereby authorizes
and directs that the further additional sum of $8,000,000 be
appropriated to and set aside in such Fund.
Section 2. The further additional sum appropriated to
and set aside 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 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 Revolving Fund shall constitute a loan of
such moneys by the City to the Agency. Such loan shall be repaid
from the first source of Agency 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 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.
AMENDED n l
BY RESOLUTION #.lam112.9
DATED:...L� I`b�
RESOLUTION NO. 95-15
§ection 4. The Finance Director of the City is hereby
authorized and directed to establish any such further 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 March, 1995.
AYES: Benson, Kelly, Spiegel, Snyder
NOES:
ABSENT: Crites
ABSTAIN:
T ST:
Sheila R. liganj ty Clerk
2
Mayor Pro mpore