HomeMy WebLinkAboutRDA RES 157RESOLUTION NO. 157
A RESOULTION OF THE REDEVELOPMENT AGENCY OF THE
CITY OF PALM DESERT, CALIFORNIA, CREATING A FUND
PURSUANT TO CALIFORNIA HEALTH AND SAFETY CODE
SECTIONS 33334.2 AND 33334.3.
The Palm Desert Redevelopment Agency of the City of
Palm Desert, California, HEREBY FINDS, DETERMINES, RESOLVES,
AND ORDERS as follows:
Section 1. Pursuant to California Health and Safety Code
Section 33334.3, there is hereby created with the Treasurer of the
Agency the Low and Moderate Income Housing Fund.
Section 2. Twenty percent (2070) of all taxes allocated to
the Agency, pursuant to California Health and Safety Code Section
33670, from the territory added to Project Area No. 1 pursuant to
the Amendment approved and adopted by Ordinance No. 275 of the City
of Palm Desert, shall be held in the Low and Moderate Income Housing
Fund to be expended from time to time by the Agency for the purposes
set forth in California Health and Safety Code Section 33334.2.
Section 3. Deposits to such Fund shall be made solely
from amounts designated as surplus in the Special Fund established
pursuant to Resolution No. 154 of the Agency, it being the intent
of the Agency that such deposits be and are subordinate to the
obligation of the Agency to pay the principal of, premium, if any,
and interest on the Bonds authorized to be issued pursuant to such
Resolution No. 154. Such deposits to such Fund shall also be sub-
ordinate to the Agency's obligation to repay the advance to the Agency
pursuant to that certain Loan Agreement between the Agency and the
Coachella Valley Water District dated August 12, 1982 and to pay
amounts to the County of Riverside on behalf of all affected taxing
agencies pursuant to that certain Cooperative Agreement dated
November 17, 1981, between the County of Riverside the Agency and
the City of Palm Desert.
PASSED, APPROVED, and ADOPTED by the Redevelopment Agency
of the City of Palm Desert, California, on this 12th day of August,
1982, by the following vote, to wit:
AYES : Netabrander, , Puluqi, Snyder & Wilson
NOES : None
ABSENT : McPherson
ABSTAIN: None
N
ATTEST:
441,4-
SHEILA R. GILLIGAN, SECRETARY
PALM DESERT REDEVELOPMENT AGENCY