HomeMy WebLinkAbout18122 - RESOLUTIONS - 6/22/1993 RESOLUTION NO. 18122
OF THE CITY COUNCIL OF THE CITY OF PALM
SPRINGS, CALIFORNIA, AUTHORIZING A $400,000
LOAN FROM THE WASTEWATER FUND TO THE CANYON
DEVELOPMENT PROJECT AREA (PA #10) TO FUND
COSTS OF FORMATION
WHEREAS, the City Council of the City of Palm Springs, California,
has and will incur expenses in the Canyon Development Project Area
for the costs of formation; and
WHEREAS $400, 000 has been requested by the Community Redevelopment
Agency to cover these costs.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Palm Springs, California, as follows:
Section 1. Authorizes a $400, 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 cover
the costs of formation of the Canyon Development
Project Area. The loan is to be repaid from tax
increment.
ADOPTED this 22nd day of June , 1993
AYES: Members Hodges, Lyons, Reller-Spurgin, Schlendorf and Mayor Maryanov
NOES: None
ABSENT: None
ATTEST: CITY 0 PAt t-S-PRIN&9-,,CALIF0RMNIA
City Clerk Ci y Manager
REVIEWED & APPROVED
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