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Section 5: That Resolution No. 16788 is rescinded.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 —