CC RES 1984-044RESOLUTION N0. 84 -44
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
RANCHO PALOS VERDES CREATING AND APPROPRIATING MONEY
TO THE RANCHO PALOS VERDES REDEVELOPMENT AGENCY
ADMINISTRATIVE FUND
THE CITY COUNCIL OF THE CITY OF RANCHO PALOS VERDES HEREBY FINDS,
DETERMINES, RESOLVES AND ORDERS AS FOLLOWS:
Section 1: There is hereby created in the treasury of the City of
Rancho Palos Verdes a special fund to be known as the Rancho Palos Verdes
Redevelopment Agency Administrative Fund. The money appropriated for admin-
istrative expenses shall be kept in such Fund and drawn therefrom to meet the
administrative expenses of the Agency in substantially the same manner as
money is drawn by other agencies and departments of the City of Rancho Palos
Verdes subject to budgetary control. Administrative expenses include, without
limitation, expenses of redevelopment planning and dissemination of redevelopment
information.
Section 2: The money appropriated by the City Council to such Fund
is money loaned by the City to the Agency to be repaid from taxes allocated to
the Agency pursuant to California Health and Safety Code Section 33670, or from
such other moneys of the Agency available to repay such loan. Moneys appropri-
ated by the City to such Fund shall bear interest on the unpaid balance thereof
at the rate of twelve percent per annum from the date of withdrawal from such
Fund to the date of repayment by the Agency to the City.
Section 3: The City Council hereby appropriates to such Fund the sum
of thirty -five thousand dollars. Such sum is deemed necessary by the City
Council for the administrative and overhead expenses of the Agency.
Section 4: The Agency, in its sole discretion, may subordinate the
repayment of such loan and the interest on the unpaid balance thereof to any
other debt or obligation which may be incurred by the Agency..
Section 5: In addition to repayment of moneys appropriated to such
Fund, the Agency shall reimburse to the City upon written demand all employee
costs of the City in connection with time expended by employees of the City on
matters related to redevelopment activities. the City shall keep records of
such time and submit copies of such records to the Agency with any such
demand.
Section 6: The City Clerk is hereby authorized and directed to
transmit a copy of this Resolution to the Agency together with a request that
the Agency acknowledge, agree to and accept the terms and conditions of this
Resolution and the loan described herein.
PASSED, APPROVED and ADOPTED July 31, 1984.
lac.
Mayor
ATT
Cit Terk
#702 -B07
State of California )
County of Los Angeles ) ss
City of Rancho Palos Verdes )
I, JO LOFTHUS, City Clerk of the City of Rancho Palos Verdes, hereby
certify that the above Resolution No. 84 -44 was duly and regularly passed and
adopted by the said City Council at a regular meeting thereof held on July 31,
1984.
City Clerk, Ci of a o los Verdes
#702 -BO8