HomeMy WebLinkAboutCC RES 01-094RESOLUTION NO. 01-94
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM
DESERT, CALIFORNIA, 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 Resolution No. 93-54, establishing a Redevelopment Revolving Fund
and authorizing and directing that 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 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 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 from time to time the Agency has adopted
resolutions agreeing to the terms and conditions with respect to the further
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,
CALIFORNIA HEREBY FINDS, DETERMINES, RESOLVES AND ORDERS AS
FOLLOWS:
Section 1. The City Council hereby authorizes and directs that the additional
sum of $1,800,000 be appropriated to and set aside in the Redevelopment Revolving
Fund.
Section 2. The additional sum of $1,800,000 may be expended for the
acquisition of a 5-acre parcel of real property located in Project Area No. 3.
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RESOLUTION NO. 01-94
Section 3. The additional sum of $1,800,000 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. 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 Director of Finance of the City is hereby authorized and directed
to cooperate with the Director of Finance of the Agency 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.
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 officers, employees and
counsel of the City are 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 23rd day of August 2001.
AYES: BENSON, CRITES, KELLY, SPIEGEL, FERGUSON
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
ATTEST:
57.
Rachelle D. Klassen, Deputy City Clerk
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