HomeMy WebLinkAboutRDA RES 276RESOLUTION NO. 276
A R$SOLUTIC3N OF THB PALM DBSERT RSDSVBLOPMBNT
AGSNCY ►GR BI1i6 TO T iS TSRltS OF A RBSOL[JTION
OF TliB CITY COUIiCIL UP TH8 CITY OF PALt [ DSSSRT
SSTABLI3HII 1G A RSDEVBLOPMSZIT RSVOLVIPIG FtJND
THE PALM DESERT REDEVELOPMENT AGENCY HEREBY FINDS, DETERMINES,
RESOLVES AND ORDERS AS FOLLOWS:•
Secti4n 1. The Community Redev elopment Law (California Health
and Safety Code Section 33000, gzt, sec.) 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 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 $250,000.00 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 terms set forth in Section 3 hereof, for any af the
following purposes:
A. Deposit 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.
Section 3. The monies paid to or on behalf of the Aqency 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 proposed Project Area
from monies paid to or on behalf of the Agency from the
Redevelopment Revolvinq Fund. Such loan is to be repaid from the
first 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 averaqe
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.
RESOLUTION NO. 2;0 —"
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
conditione with reapect to the establish�ent o€ tihe Redevelopment
Revolving Fund as set forCh in ttt�s Reeolution ar�Mt the Resolution
of the City Council deacribed•in Section 1 hereof.
Section 6. This Resolution supersedes Resolution No. 232,
approved and adopted on the 23rd day of August, 1990.
APPROVED AND ADOPTED this 24th day�bf Jurte, 1993.
AYSS: CRITES, KBLLY, SNYDER, WILSON, BENSON
NO$S: NONE
ABSBNT: NONS
ABSTAIN: NONE
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�� Sheila R. G 1ligan, S cretary
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2,. �'/�L l.`G��v L�-
. Benson, Chairman
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