HomeMy WebLinkAbout17554 - RESOLUTIONS - 6/19/1991 RESOLUTION NO. 17554
OF THE CITY COUNCIL OF THE CITY OF PALM SPRINGS,
CALIFORNIA, AUTHORIZING A $297,000 LOAN FROM THE
WASTEWATER FUND TO THE CENTRAL BUSINESS DISTRICT
TO PAY SETTLEMENT COSTS IN THE CRA OF THE CITY
OF PALM SPRINGS VS WILLLARD ET AL. (CASE NO.
INDIO 54378)
WHEREAS the Community Redevelopment Agency of the City of Palm
Springs, California,. has been ordered to pay settlement costs in the
above-entitled matter; and ~ '
WHEREAS $297 , 000 has been requested by the Community Redevelopment
Agency to cover the court ordered judgement.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Palm Springs, California, as follows: �
Section 1. Authorizes a $297, 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. The loan
will be repayable from the developer in accordance with
the terms of our Development Agreement.
Section 2 . That proceeds of the loam will, be used to pay the court
ordered settlement in the CRA of the City of Palm Springs
vs. Willard, et al suit.
,ADOPTED this 19th day of __ June
AYES.: Councilmembers Broich, Hodges, Murawski , Neel and Mayor Bono `
NOES: None
ABSENT: None
ATTEST: C:iI OF .IN S1_CAL]CFORNIA
Y_ - ---
City Clerk Ci't nager
REVIEWED & APPROVED__y..Ur,_
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