HomeMy WebLinkAbout17532 - RESOLUTIONS - 6/5/1991 RESOLUTION NO. 17532
OF THE CITY COUNCIL OF THE CITY OF PALM SPRINGS,
CALIFORNIA, AUTHORIZING A $330,000 LOAN FROM THE
WASTEWATER FUND TO THE CENTRAL BUSINESS DISTRICT
TO RESTORE THE FUND TO A POSITIVE CASH POSITION
AND FUND CERTAIN IMPROVEMENTS.
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WHEREAS the Community Redevelopment Agency of the City of Palm Springs,
California, has and will incur expenses in the Central Business District
Project Area for capital projects; and
WHEREAS $330,000 has been requested by the Community Redevelopment Agency
to cover the shortfall between revenues and expenditures.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Palm
Springs, California, as follows:
Section 1 . Authorizes a $330,000 loan from the Wastewater Fund to the
Community Redevelopment Agency of the City of Palm Springs,
California, at 6% 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 rash for certain capital project
expenses and to reduce the negative cash balance within the
CBD Fund Balance. The loan is to be repaid from tax increment.
ADOPTED this 5th day of June 1991 .
" AYES: Councilmembers Broich, Murawski , Neel and Mayor Bono
NOES: Councilmember Hodges
ABSENT: None
ATTEST: qAL
CITY OF P U SPRINGS,
FORNIA
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Ci,ty_.Clerk _ Cit pager
REVIEWED & APPROVED
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