HomeMy WebLinkAboutRDA RES 266RESOLUTION NO. 266
A RESOLUTION OF THE PALM DESERT REDEVELOPMENT
AGENCY IDENTIFYING EXISTING INDEBTEDNESS
WHEREAS, the 1992 State Budget Act and related
legislation requires virtually every sectar of California
government to share in necessary state funding reductions; and
f liiEREAS, Chapter 700 of SB 844 statutes of 1992 requires
Redevelopment Agencies to shift a total $200 million in property
tax revenues to K-12 schools and community colleges; and
FIIiSRSAS, the State Director of Finance has determined an
amount for the Palm Desert Redevelopment Agency to be allocated to
the County Educational Revenue Allocation Fund (ERAF)_ as
$2,856,557.00; and
REAS, in accordance with this requirement, the Palm
Desert Redevelopment Agency must allocate the amount determined by
the Director of Finance for deposit in the ERAF on or before
May 10, 1993, unless the Palm Desert Redevelopment Rgency
determines that it would be unable to allocate the full amount
required; and
WHERFAS, in the event the Palm Desert Redevelopment
, Agenc does not have the funds available in the 1992-93 fiscal year
to make the payment to the ERAF and to meet other contractual
obligations, the Agency must conduct a public hearing and adopt a
resolution identifying Redevelopment Agency indebtedness prior to
December 31, 1992; and
WHSREAS, the City Clerk has duly published a notice of
the public hearing to be conducted by the Palm Desert Redevelopment
Agency; and
iHERSAS, the adoption of a resolution on behalf of the
Redevelopment Agency identifying an existing indebtedness makes no
conclusion that the Redevelopment Agency is unable to make the
payment to the Educational Revenue Augmentation Fund but allows the
Redevelopment Agency to make such determination an or before
February 15, 1993.
WHgRSAS, if the Redevelopment Agency fails to transmit
the full amount required or if a court order precludes the
Redevelopment Agency from transmitting the above described amount,
Section 33682 (e) of the Health and Safety Code requires the County
Auditor, by no later than May 15, 1993, to transfer to the ERAF
funds designated for the City of Palm Desert property tax
allocation; and
ts
RRSOLUTION NO. 266
NOW, THEREFORE, BS IT RESOLVED by the Palm Desert
Redevelopment Agency that:
1. Redevelopment Agency indebtedness prior to the
effective date of SB 844 (september 2, 1992) is attached as
Exhibit A to this resolution and is a part of this resolution.
2. The information contained in this resolution has
been certified by the Agency's Chief Financial Officer.
PASS$D, APPROVED AND ADOPTSD this 21st day of December,
1992.
AYES:
NOES:
ABSENT:
ABSTATN:
0
Sheila'i ,.lGilli
KELLY, SNYDER, WILSON, BENSON
NONE
CRITES
NONE
, Secretary
PALM DESERT REDEVELOPMENT
AGENCY
,.. y 2 v
Chairman
CERTIFIED:
,
. : - -- .
Agency Chief Financial Officer
a
EXHIBIT A
RESOLUTION N0. 266
REDEVELOPMENT AGENCY INDEBTEDNESS
PROJECT AREA NO. 1
DESCRIPTION
1992 Bond Issue, Series A
Riverside County Pass Through (est.)
Desert Sands Unified Pass Through (est.)
Riverside County Schools Pass Through (est.)
CV Park & Rec. Pass Through (est.)
CV Mosquito Abate. Dist. Pass Through (est.)
CV Water District Pass Through (est.)
Desert Comm. College Pass Through (est.)
Contribution to the Low/Mod. Fund (est.)
Ahmanson DDA- Required Set Aside
Allowable FY 1991-92 Administration Exp.
Riverside County Payments (SB 2557) (est.)
TOTAL PROJECT AREA N0. 1 INDEBTEDNESS
PROJECT AREA NO. 2
` DESCRIPTION
-----------------------------------------------
1992 Bond Issue, Series A
CV Mosquito Abatement District (est.)
Riverside County Pass Through (est.)
Contribution to Low/Mod. (est.)
Carver/ Cook Partners DDA; Land Purchase
Cahuilla Hills Land Purchase
Allowable FY 1991-92 Administration Exp.
Riverside County Payments (SB 2557) (est.)
TOTAL PROJECT AREA N0. 2 INDEBTEDNESS
AMOUNT
$7,759,591
2,871,793
304,974
35,160
17,442
11,761
52,701
64,626
3,177,133
364,000
405,949
150, �'00
---------------
$15,215,129
---------------
---------------
AMOUNT
---------------
$512,431
68,752
1,407,086
959,162
2,591,000
30,500
115,985
60,000
---------------
$5,744,916
---------------
---------------
i
EXHIBIT A
RESOLUTION N0. `��'�'
REDEVELOPMENT AGENCY INDEBTEDNESS
PROJECT AREA N0. 3
DESCRIPTION
-----------------------------------------------
Riverside County Pass Throuqh- Cap3tal (est.)
Riverside County Pass Through- Juvenile (est.)
Contribution to the Low/Mod Fund
Allowable FY 1991-92 Administration Exp.
Riverside County Payments (SB 2557) (est.)
TOTAL PROJECT AREA NO. 3 INDEBTEDNESS
TOTAL REDEVELOPMENT AGENCY INDEBTEDNESS
AMOUNT
53,092
212,500
75,418
57,993
10,000
---------------
$410,003
---------------
---------------
$21,370,048