HomeMy WebLinkAboutRDA RES 288RESOLUITION NO. 288
A RBSOLUTION OF THS PALt i DgSSRT RBDEVgLOPMgNT
AGBNCY ACCSPTING TH8 TSRMS AI ID CONDITIONS OF A
LOAN FROM THE CITY OF PALM D$SSRT FOR THS
ACQUISITION OF REAL PROPBRTY
WHEREAS, concurrently herewith the City of Palm Desert is
advancing on behalf of the Palm Desert Redevelopment Agency (the
"Agency") the sum of 5,000,000 to enable the Agency to acquire
certain real property (the "Property") described in Exhibit A,
attached hereto and made a part hereof.
NOW, THEREFORE, THE PALM DESERT REDEVELOPMENT AGENCY
HEREBY FINDS, DETERMINES AND RESOLVES AND ORDERS AS FOLLOWS:
S ction 1. The Agency hereby accepts and approves the
terms of the loan of funds to be made by the City of Palm Desert
from the Redevelopment Revolving Funds pursuant to Resolution
No. 93-92 of the City Council of the City of Palm Desert.
Section 2. The moneys paid to or on behalf of the Agency
from the Redevelopment Revolving Fund shall constitute a loan of
such moneys by the City to the Agency. Such loan from the
Redevelopment Revolving Fund shall be repaid from any source of
Agency funds lawfully available therefor. Such loan shall be
evidenced by a demand promissory note in the form approved by the
Executive Director. Moneys paid to or on behalf of the Agency from
the Redevelopment Revolving Fund shall bear interest from the date
of such advance to the date of repayment by the Agency at a rate
equal to the rate of interest which would have been earned on such
moneys by the City at the average daily commingled rate payable on
funds deposited by the City in the Local Agency Investment Fund,
not to exceed 12$ per annum, as determined by the Treasurer of the
City, for the period which begins on the date of such payment and
ends on the date of such repayment.
1993.
PASSED, APPROVED AND ADOPTED this 23rd day of September,
AYES:
NOES:
ABSENT:
CRITgS, SNYDER, WILSON, BENSON
NONE
KELLY
ABSTAIN: NONE
ATTEST:
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, ' 1 :_ ._ '; _ ' t',. •`t ,C c
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5heila'R.! Gilligan, Secretary ,
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M. Benson, Chairman
AMENDED
BY RESOLUTIO{V #.` ': "_Q._..,
DATED: ---- .... 3... a::........