HomeMy WebLinkAboutRDA RES 376RESOLUTION NO. 376
A RESOLUTION OF THE PALM DESERT REDEVELOPMENT AGENCY
AGREEING TO TERMS OF A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF PALM DESERT MAKING A FURTHER
APPROPRIATION TO THE REDEVELOPMENT REVOLVING FiTND
RECITALS
A. The Community Redevelopment Law (Health and Safety Code
Section 33000, et seg.) 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.
B. On June 6, 1993, the City Council of the City of Palm
Desert (the "City Council") adopted its Resolution No. 93-54
establishing a Redevelopment Revolving Fund and authorizing and
directing that the sum of $6,000,000 be appropriated to and set
aside in such Fund.
C. On June 6, 1993, the Palm Desert Redevelopment Agency
(the "Agency") adopted its Resolution No. 275 agreeing to the
terms and conditions with respect to the establishment of the
Redevelopment Revolving Fund as set forth in the Agency's
Resolution No. 275 and the City Council's Resolution No. 93-54.
D. From time to time, the City Council has adopted
resolutions authorizing and directing that further additional
sums be appropriated to and set aside in the Redevelopment
Revolving Fund and authorizing advances to the Agency from the
Redevelopment Revolving Fund and from time to time the Agency has
adopted resolutions agreeing to the terms and conditions with
respect to the further additional appropriations and accepting
and approving the terms of loans of funds made by the City from
the Redevelopment Revolving Fund.
E. Pursuant to its Resolution No. 99-70, the City Council
has authorized and directed that the further additional sum of
$3,347,916.95 be appropriated to and set aside in the
Redevelopment Revolving Fund.
NOW THEREFORE, THE PALM DESERT REDEVELOPMENT AGENCY
HEREBY FINDS, DETERMINES, RESOLVES AND ORDERS AS FOLLOWS:
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RESOLUTION NO. 376
Section l. The additional sum of $3,347,916.95
appropriated to the Redevelopment Revolving Fund may be expended
for the acquisition of the 12 acre parcel of real property
located southwest of the intersection of Highway 111 and El Paseo
in the City of Palm Desert (APN 630-080-011-6).
Section 2. The additional sum of $3,347,916.95 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.
Notwithstanding the provisions of the resolutions described in
the Recitals hereof, such loan shall be repaid to the City by the
Agency together with simple interest on the unpaid principal
balance thereof computed at a rate per annum equal to the average
monthly rate earned by the City from its investments in the Local
Agency Investment Fund from the date of payment to the date of
repayment.
Section 3. 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 the accomplish the purposes and intent of this
Resolution.
Section 4. The Agency hereby accepts and agrees to the
terms and conditions with respect to the further additional
appropriation to the Redevelopment Revolving Fund as set forth in
this Resolution and the Resolution of the City Council described
in paragraph E of the Recitals hereof and this Resolution and the
terms and conditions hereof constitute covenants of the Agency to
the City, and this Resolution constitutes an agreement between
the Agency and the City.
Section 5. The Secretary is hereby authorized and
directed to cause a copy of this Resolution to be transmitted to
the City.
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RESOLUTION NO. 376
Section 6. The members of the Agency and the offices,
employees and counsel of the Agency are hereby authorized to do
all acts and things which may be required of them by this
Resolution. All such acts and things heretofore done are hereby
approved, ratified and confirmed.
PASSED, APPROVED AND ADOPTED this 8th
July , 1999.
AYES: Benson, Crites, Ferguson, Kelly, Spiegel
NOES : None
ABSENT : None
ABSTAIN : None
ATTEST:
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