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HomeMy WebLinkAbout18446 - RESOLUTIONS - 8/3/1994 RESOLUTION NO. 18446 OF THE CITY COUNCIL OF THE CITY OF PALM SPRINGS, CALIFORNIA, ADOPTING A POLICY FOR THE USE OF AIRPORT FUNDS TO MAKE AN ANNUAL CONTRIBUTION IN THE AMOUNT OF BENEFIT ASSESSED AGAINST AIRPORT PROPERTY UNDER ASSESSMENT DISTRICT 155 AND RESCIND RESOLUTION No. 16788 . WHEREAS, the City Council approved Resolution No. 16788 , adopting a policy for the use of Airport Funds in A.D. 155; and WHEREAS, the City Council wishes to clarify that policy; NOW, THEREFORE BE IT RESOLVED by the City Council of the City of Palm Springs, as follows: Section 1: That funds shall be appropriated in the Airport Fund each fiscal year in an amount equal to the benefit assessed against the Airport under A.D. 155 . Section 2 : That the funds so appropriated in the Airport Fund shall be contributed annually to the A.D. 155 debt service. Section 3 : That the contribution shall first be applied against any withdrawals from A.D. 155's Reserve Fund. ' Section 4 : That any contribution remaining after the requirement of Section 3 has been met will be applied as a credit against the succeeding year's assessments on a pro rata basis. Section 5: That Resolution No. 16788 is rescinded. ADOPTED this 3rd day of August 1994 AYES: Members Hodges, Kleindienst, Lyons, and Mayor Maryanov NOES: None ABSENT: Member Reller-Spurgin ATTEST: CI Y OF PALM SPRI CALIFORNIA By ity Clerk i Ma ger REVIEWED & APPROVED —