HomeMy WebLinkAbout17504 - RESOLUTIONS - 5/1/1991 RESOLUTION NO. 17504
OF THE CITY COUNCIL OF THE CITY OF PALM SPRINGS, CALIFORNIA
AUTHORIZING A $200,000 LOAN FROM THE WASTEWATER FUND
TO PROVIDE FUNDING FOR CERTAIN CAPITAL PROJECT EXPENSES
IN THE CENTRAL BUSINESS DISTRICT.
i
WHEREAS the Community Redevelopment Agency of the City of Palm Springs,
Califiornia, has and will incur expenses in the Central Business District
Project Area for Capital Projects; and
WHEREAS $200,000 has been requested by the Community Redevelopment Agency
for these costs.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Palm
Springs, California as follows:
" Section 1. Authorizes a $200,000 loan from the Wastewater 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.
Section 2. That proceeds of the loan will be utilized to provide the
Agency with sufficient cash for certain Capital Project expenses
related to the Plaza Theatre, and to reduce the negative cash
balance within the CBD Fund Balance. The loan is to be repaid
from tax increment.
ADOPTED this 1st day of May 1991.
AYES: Councilmembers Brcich, Hodges, Murawski , Neel and Mayor Bono
NOES: None
ABSENT: None
ATTEST:..- THE TY OF PALM SP NG CALIFORNIA
YBY '
�tity Clerk Cit anager
REVIEWED AND APPROVED /11[;?