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HomeMy WebLinkAboutRDA RES 384RESOLUTION NO. 384 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 FUND RECITALS A. The Community Redevelopment Law (Health and Safety Code Section 33000, et se�.) 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.99-1 l,�he City Council has authorized and directed that the further additional sum of $6,600,000 be appropriated to and set aside in the Redevelopment Revolving Fund. _____ �I4�V__TH�REFQRE, THE_PALM DESERT REDEVELOPMENT AGE_N_CY HEREBY FINDS, DETERMINES, RESOLVES AND ORDERS AS FOLLOWS: Section 1. The additional sum of $6,600,000 appropriated to the Redevelopment Revolving Fund may be expended for the acquisition of the 120 acre parcel of real property located in the North Sphere. Section 2. The additional sum of $6,600,000 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. RESOLUTION NO. 384 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. 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 9th day of Dec. , 1999. AYES: NOES: ABSENT: Benson, Ferguson, Kelly, Spiegel, Crites None None ABSTAIN: None ATTEST: .,% �-f .�'��, ,�� --- Buf rd A. Crites, Chairman 0 ss�_� Rachelle D. Klassen, Acting Agency Secretary