HomeMy WebLinkAboutCC RES 99-114RESOLUTION NO. 99-114
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM DESERT
'�•' MAKING A FURTHER APPROPRIATION TO THE REDEVELOPMENT
REVOLVING FUND
RECITALS
A. The Community Redevelopment Law (Health and Safety Code Section 33000, et
se�c .) 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.
B. On June 6, 1993, the City Council of the City of Palm Desert (the "City Council")
adopted its Resolution No. 93-54 establishing a Redevelopment Revolving Fund and authorizing
and directing that the sum of $6,000,000 be appropriated to and set aside in such Fund.
C. On June 6, 1993, the Palm Desert Redevelopment Agency (the "Agency") adopted its
Resolution No. 275 agreeing to the terms and conditions with respect to the establishment of the
Redevelopment Revolving Fund as set forth in the Agency's Resolution No. 275 and the City
Council's Resolution No. 93-54.
� D. From time to time, the City Council has adopted resolutions authorizing and directing
that further additional sums be appropriated to and set aside in the Redevelopment Revolving
""" Fund and authorizing advances to the Agency from the Redevelopment Revolving Fund and
from time to time the Agency has adopted resolutions agreeing to the terms and conditions with
respect to the further additional appropriations and accepting and approving the terms of loans of
funds made by the City from the Redevelopment Revolving Fund.
E. The City Council desires to make a further appropriation to the Redevelopment
Revolving Fund.
NOW THEREFORE, THE CITY COUNCIL OF THE CITY OF PALM
DESERT HEREBY FINDS, DETERMINES, RESOLVES AND OR.DERS AS FOLLOWS:
Section 1. The City Council hereby authorizes and directs that the additional sum
of $6,600,000 be appropriated to and set aside in the Redevelopment Revolving Fund.
Section 2. The additional sum of $6,600,000 may be expended for the acquisition
of the 120-acre parcel of real property located in the North Sphere.
Section 3. The additional sum of $6,600,Q00 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. Notwithstanding the provisions of the resolutions described in the Recitals hereof,
r,,, such loan shall be repaid to the City by the Agency together with simple interest on the unpaid
principal balance thereof computed at a rate per annum equal to the average monthly rate earned
RESOLUTION NO. 99- 114
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by the City from its investments in the Local Agency Investment Fund &om the date of payment
to the date of repayment.
Section 4. The Finance Director of the City is hereby authorized and directed to
cooperate with the Finance Director of the Agency to establish such accounting and other
procedures as may be necessary, convenient or desirable under the circumstances to the
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.
Section 6. The members of the City Council and the offices, employees and
counsel of the City aze hereby authorized to do all acts and things which may be required of
them by this Resolution. All such acts and things heretofore done are hereby approved, ratified
and confirmed.
PASSED, APPROVED AND ADOPTED this 9th day of Dec. , 1999.
AYES:
NOES:
ABSENT:
ABSTAIN:
ATTEST:
Benson, Ferguson, Kelly, Spiegel, Crites
None
None
None
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Bu rd A. Crites, Mayor
Rachelle D. Klassen, Acting City Clerk
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