HomeMy WebLinkAboutRDA RES 275RESOLUTION NO. 275
A RB30LOTION OF Tf PALM DBS$RT RSDSVSLOPMSNT
AGSNCY AGRBSING TO THS '1'gRMS OF A RSSOLUTION
OF '1' i8 CITY COUNCIL OF TE CITY OF PALN DBSSRT
BSTABLIS iING A RBD$VSLOPl I 1T' RSVOLVING FUND
THE PALM DESERT REDEVELOPMENT AGENCY HEREBY FINDS, DETERMINES,
RESOLVES AND ORDBRS AS FOLLOWS:
Section 1. The Community Redevelopment Law (California Health
and Safety Code Section 33000, gt. ecr.) 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 56.000.000.00 be appropriated to and set aside in such
Fund.
Section 2. The moneys in the Redevelopment Revo2ving Fund
shall be paid to or on behalf of the Palm Desert Redevelopment
Agency upon the terms set forth in Section 3 hereof, for any of the
followinq 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.
8. The clearance of any project area of the Agency.
C. Any expenses necessary or incidental to the carrying
out of a redevelopoent plan which has been adopted by the Agency.
Section 3. The moneys paid to or on behalf of the Aqency from
the Redevelopment Revolvinq Fund shall constitute a loan of such
moneys by the City to the Agency. Such loan shall be repaid by the
first 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 Aqency at a rate equal to the average
percentage rate the City receives on its own investments for the
period which beqins on the date of such payment and ends on the
date of such repayment.
AMENDED
BY RES LUTIO{V #. ._.....
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DATED: .. 11....._I 3 ' Ds, -
BY RESOLUTION #. C2 .._.
DATED: _ 3_ . ._ . ._-y, _
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RESOLUTZON NO. T
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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.circwnstances to
accomplish the purposes and intent of this Resolution.
Section 5. The Agency,� hereby agrees to the terms and
canditions 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.
Section 6. This Resolution supersedes Resolution No. 203,
approved and adopted on the 6th day of November, 1986.
APPROVED AND ADOPTED this 24th day of June, 1993.
AYES:
NOES:
ABSENT:
CRITES, KEI,LY, SNYDER, idILSON, BENSON
NONE
NONE
ABSTAIN: NONE
A,TT�iST : � �;�
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Sheila R. liqan, retary
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Je M. Benson, Cha rman
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