HomeMy WebLinkAboutCC RES 99-070RESOLUTION NO. 99-70
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 seq.) 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 ORDERS AS FOLLOWS:
s..%
Section 1. The City Council hereby authorizes and
directs that the additional sum of $3,347,916.95 be appropriated
to and set aside in the Redevelopment Revolving Fund.
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RESOLUTION NO. 99-70
Section 2. The additional sum of $3,347,916.95 may be
expended for the acquisition of the 12 acre parcel of real
property located southwest of the intersection of Highway 111 and
El Paseo in the City of Palm Desert (APN 630-080-011-6).
Section 3. The additional sum of $3,347,916.95 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, 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 by the City from its investments in the Local
Agency Investment Fund from 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 are hereby authorized
to do all acts and things which may be required of
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RESOLUTION NO. 99-70
them by this Resolution. All such acts and things heretofore
done are hereby approved, ratified and confirmed.
PASSED, APPROVED AND ADOPTED this 8th day of
July , 1999.
AYES: Benson, Crites, Ferguson, Kelly, Spiegel
NOES: None
ABSENT: None
ABSTAIN: None
d/DGl! g
Mayor
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