HomeMy WebLinkAbout17654 - RESOLUTIONS - 10/2/1991RESOLUTION NO. 17654
OF THE CITY COUNCIL OF THE CITY OF PALM SPRINGS,
CALIFORNIA AUTHORIZING THE ALLOCATION OF FUNDS
FROM THE BOND PROCEEDS OF THE SERIES B 1991
TAX ALLOCATION BOND ISSUE
WHEREAS the City of Palm Springs Financing Authority issued $14,030,000
in tax allocation bonds; and
WHEREAS, the tax increment from the Central Business District, North
Palm Canyon, South Palm Canyon., Baristo/Farrell, and Ramon/Bogie project
areas is pledged to repay a portion of that bond issue; and
WHEREAS, the net proceeds of the bond issue attributable to the project
areas noted above are $6,852,513.43
NOW THEREFORE BE IT RESOLVED by the City Council of the City of Palm
Springs, as follows:
SECTION 1. That the net proceeds from said tax allocation Bond Issue
shall be expended for the repayment of loans made from
various City funds ($3,401,366); for the repayment of loans
made from developers as incentives ($1,018,000) and for
reimbursement of FY91-92 and FY92-93 administrative costs
($478,900).
ADOPTED this
AYES:
NOES:
ABSENT:
ATTEST:
The balance of said net proceeds (approximately $2,0001.000)
shall be used for purposes as may be approved by the City
Council.
2nd day of October , 19 91.
Councilmembers Broich, Hodges, Murawski and Neel
None
Mayor Bono
By y
City Clerk — -
REVIEWED & APPROVED
i
-ORNIA
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