HomeMy WebLinkAboutRDA RES 305RESOLUTION NO. 305
A RS30LUTION OF TF PALM D$S$RT R$D TgLOPlSSNT
AGSNCY AGR IIQG T Ti TBRMS OF A R$SOI.UTION
OF Tf CITY COUNCIL OF THE CITY OF PALlI DSS$RT
MAKING A F[JRTHSR APPROPRIATION TO TI
R$DEVSLOPl NT RSNOLVING FUND
THE PALM DESERT REDSVELOPMENT AGENCY HEREBY FINDS,
DETERMINES, RESOLVES AND ORDERS AS FOLLOWS:
ection 1. The Community Redevelopment Law (California
Health and Safety Code Section 33000, g , sea,) 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 No. 93-54 the City Council, of the City of Palm
Desert has established such a Redevelopment Fund. Pursuant to its
Resolution entitled "A Resolution of the City Council of the City
of Palm Desert Making Further Appropriations to the Redevelopment
Revolving Fund", the C1ty Council has authorized and directed that
the further additional sum of $8,000,000 be appropriated to and set
aside in such Fund.
Section 2. The further additional swn appropriated to
and set aside 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 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.
B. The clearance of any project area of the Agency.
C. Any expenses necessary or incidental to the carrying
out of a redevelopment plan which has been adopted by the Agency.
Section 3. 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 shall be repaid
from 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 ende on the
date of such repayment.
AMENDEO
BY RESOLUTiON #. ?_...
DATED: ... .... ... v ~......
RSSOLDTION NO. 305
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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 any such further 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 further additional appropriation to
the Redevelopment Revolving Fund as set forth in this Resalution
and the Resolution of the City Council described in Section 1
hereof . '
APPROVED AND ADOPTED this 23rd day of March, 1995.
AYES:
NOES:
ABSENT:
ABSTAIN:
Benson, Kelly, Spiegel, Snyder
Crites
ST:
. j
✓
Sheila R. G lliqan ecretary
c��t:/ �' .L
Chairman ro Tempore
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