HomeMy WebLinkAboutRDA RES 232ARESOLUTION N0. 232A
A RESOLUTION OF THE PALM DESERT REDEVELOPMENT
— AGENCY AGREEING TO THE TERMS OF A RESOLUTION
OF THE CITY COUNCIL QF THE CITY OF PALM
DESERT ESTABLISHING A REDEVELOPMENT REVOLVING
FUND
THE PALM DESERT REDEVELOPMENT AGENCY HEREBY FINDS,
DETERMINES, RESOLVES AND ORDERS AS FOLLOWS:
Rosenow Spevacek , Cotton Beland Association
Section 1. The Community Redevelopment Law (California
Health and Safety Code Section 33000, et seg.) 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".
Pursuant to its Resoiution entitled "A Resolution of the City
Council of the City of Paim 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 $240,000.00 be
appropriated to and set aside in such Fund.
Section 2. The monies in the Redevelopment Revolving Fund
shall be paid to or on behalf of the Palm Desert Redevelopment
Agency upon the terrns set forth in Section 3 hereof, for any of
the following purposes:
A. Oeposit in a trust fund of the Agency to be expended
for the development of Project Area No. 3.
B. Any expenses necessary or incidental to the carrying
out of the development of the Project Area.
Resolution No. 232
Section 3. The monies 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. Such loan shall be repaid
from the proceeds tax increment generated by the proRosed Project
Area from mon i es pa i d to or on beha 1 f 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. Monies 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.
Resolution No. 232 A
APPROVED AND ADOPTED this 23rd day of August, 1990.
AYES:
NOES:
AB5ENT:
ABSTAIN:
ATTEST:
BENSON, SNYDER, TaILSON, CRITES
NON
KELLY
NONE
CHAIRMAN
` C `=: ` c . .. - -.. .
Sheile . Gilligan, cretary
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