HomeMy WebLinkAboutRDA RES 054REDEVELOPMENT AGENCY RESOLUTION NO. 54
A RESOLUTION OF THE PALM DESERT REDEVELOPMENT AGENCY OF
THE CITY OF PALM DESERT, CALIFORNIA, ACCEPTING AN ADVANCE
FROM THE CITY OF PALM DESERT IN THE AMOUNT OF $500,000
SUCH ADVANCE TO BE TREATED AS A LOAN AND TO BE REPAID
WITH INTEREST
The Redevelopment Agency of the City of Palm Desert DOES HEREBY RESOLVE
as follows:
1. That an advance in the amount of 500,000 (Five Hundred Thousand
Dollars), authorized by the City Council of the City of Palm Desert,
be accepted as a loan to be repaid to the City of Palm Desert with
interest on the same at the rate of 8% (eight percent) per annum;
2. That said advance be repaid to the City of Palm Desert as soon as
the proceeds of a loan from a private lending institution be received.
PASSED, APPROVED, and ADOPTED by the Redevelopment Agency of the City
of Palm Desert, California, on the 23rd day of _June _, 1977 by
the following vote, to wit:
AYES: Brush, McPherson, Newbrander, Wilson & Mullins
NOES: None
ABSENT: None
ABSTAIN: None
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ATTEST:
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SHEILA R. GILLIG N, SECR RY