HomeMy WebLinkAboutRDA RES 203RESOLUTION NO. 203
A RESOLUTION OF THE PALM DESERT REDEVELOPMENT AGENCY
AGREEING TO THE TERMS OF A RESOLUTION OF THE CITY
COUNCIL OF THE CITY OF PALM DESERT ESTABLISHING A
REDEVELOPMENT REVOLVING FUND
THE PALM DESERT REDEVELOPMENT AGENCY HEREBY FINDS,
DETERMINES, RESOLVES AND ORDERS AS FOLLOWS:
Section 1. The Community Redevelopment Law (California
Health and Safety Code Section 33000, et seq.) provides for the
establishment of a special fund to be kept in the treasury of
City of Palm Desert known as the redevelopment revolving fund.
Pursuant to its Resolution entitled "A Resolution of the City
Council of the City of Palm Desert Establishing a Redevelopment
Revolving Fund", the City Council has authorized and directed
that a "Redevelopment Revolving Fund" be established in the
treasury of the City and that the sum of $6,000,000.00 be
appropriated to and set aside in such Fund.
Section 2. The moneys in the Redevelopment Revolving
Fund shall be paid to or on behalf of the Palm Desert Redevelop-
ment Agency upon the terms set forth in Section 3 hereof, for
any of the following purposes:
A. Deposit in a trust fund of the Agency to be
expended for the acquisition of real property in any project
area of the Agency.
B. The clearance of any project area of the Agency.
C. Any expenses necessary or incidental to the
carrying out of a redevelopment plan which has been adopted by
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Resolution No. 203
the Agency.
Section 3. The moneys 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. Such loan shall
be repaid from the proceeds of the sale of real property acquired
by the Agency from moneys paid to or on behalf of the Agency
from the Redevelopment Revolving Fund. Such loan may also be
repaid by the Agency from any source of Agency funds lawfully
available therefor. Moneys paid to or on behalf of the Agency
from the Redevelopment Revolving Fund shall bear interest from
the date of such payment to the date of repayment by the Agency
at a rate equal to the average percentage rate the City receives
on its own investments for the period which begins on the date
of such payment and ends on the date of such repayment.
Section 4. The Finance Director of the Agency is
hereby authorized and directed to cooperate with the Finance
Director of the City 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 Agency hereby agrees to the terms and
conditions with respect to the establishment of the Redevelopment
Revolving Fund as set forth in this Resolution and the Resolution
of the City Council described in Section 1 hereof.
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Resolution No. 203
APPROVED and ADOPTED this 6th day of November, 1986.
AYES: BENSON, SNYDER, WILSON AND KELLY
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
ATTEST:
Secretary
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//a)Chairman