HomeMy WebLinkAbout17423 - RESOLUTIONS - 2/6/1991 RESOLUTION NO. 17423
OF THE CITY COUNCIL OF THE CITY OF PALM SPRINGS,
CALIFORNIA, AUTHORIZING A $210,850 LOAN FROM THE PARKING
FUND TO PROVIDE FUNDING FOR CERTAIN COSTS FOR THE CENTRAL
BUSINESS DISTRICT PROJECT AREA.
WHEREAS the Community Redevelopment Agency of the City of Palm Springs,
California, has and will incur expenses in the Central Business District Project
r Area; and
WHEREAS $210,850 has been requested by the Community Redevelopment Agency for
i - these costs.
NOW THEREFORE be it resolved by the City Council of the City of Palm Springs,
California, as follows:
Section 1. Authorizes a $210,850 loan from the Parking Fund to the Community
Redevelopment Agency of the City of Palm Springs, California, at
8% interest. The allocation shall be a loan to the Agency and
shall constitute an indebtedness of the Agency, within the meaning
of Division 24 of the Health and Safety Code Article 6, Chapter 6,
of the California Redevelopment Law, and repayable when tax increment
from the redevelopment project warrants.
h
Section 2. That proceeds of the loan will be utilized to provide the Agency
with sufficient cash for certain costs related to the Central
Business District Project Area. The loan is to be repaid from
tax increment.
` ADOPTED this 6th day of February 1991.
AYES: Councilmembers Broich, Hodges, Murawski , Neel and Mayor Bono
NOES: None
ABSENT: None
ATTEST: COMMUNITY REDEVELOPMENT AGENCY OF
THE CITY OF PALM SPRINGS, CALIFORNIA
By. ,.
-- City Clerk Acting City -Manager
REVIEWED AND APPROVED:
r
r