RDA RES 1997-024 RESOLUTION NO. RDA 97-24
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE RANCHO PALOS
VERDES REDEVELOPMENT AGENCY, AMENDING RESOLUTION 97-11, THE
BUDGET APPROPRIATION FOR FISCAL YEAR 1997-98, FOR A BUDGET
ADJUSTMENT FOR THE LOAN RECEIVED BY THE RANCHO PALOS VERDES
REDEVELOPMENT AGENCY'S PROJECT AREA NO. 1 FROM THE GENERAL
FUND, THE RETURN OF FUNDS FROM THE RANCHO PALOS VERDES
REDEVELOPMENT AGENCY'S PROJECT AREA NO. 1 TO THE COUNTY AND
PAYMENT OF ACCUMULATED TAX INCREMENT REVENUE FROM THE DEBT
SERVICE FUND TO THE COUNTY
WHEREAS, Section 3.32.070 of the Rancho Palos Verdes Municipal Code provides
that all expenditures in excess of budgeted allocations must be by supplemental
appropriation of the Board: and
WHEREAS, on July 1, 1997, the Board of the Rancho Palos Verdes Redevelopment
Agency adopted Resolution RDA 97-11, approving a spending plan and authorizing a
budget appropriation for the 1997-98 fiscal year: and
WHEREAS, certain 1997-98 fiscal year program and/or department revenues and bond
proceeds from the issuance of the Tax Allocation Bond (1997 RDA Bond), in
connection with the Memorandum of Understanding, dated November 1, 1997, are
expected to exceed the amount budgeted; namely, the receipt of proceeds by the
Abalone Cove Fund from a loan from the General Fund in the amount of$1,545,000,
the interest of$81,800 associated with the loan and the issuance and receipt of 1997
RDA Bond proceeds totaling $5,455,000; and
WHEREAS, certain 1997-98 fiscal year program and/or department expenditures, as
described below, in connection with the Memorandum of Understanding, dated
November 1, 1997, are expected to exceed the amount budgeted:
1. to record the cancellation of the original $10,000,000 County bond debt, a
transfer from the Abalone Cove fund balance to the Debt Service Fund in the
amount of$8,000,000; $1,545,000 from loan proceeds received by the Abalone
Cove Fund from the General Fund and $6,455,000 from the Abalone Cove Fund
remaining from the amount originally received from the County in 1991 in
connection with the Reimbursement and Settlement (Horan) Agreement; and
2. payment of$2,000,000 of accumulated tax increment from the Debt Service
Fund; and
3. interest on the $1,545,000 loan to Abalone Cove Fund from the General Fund,
from November 30, 1997 through June 30, 1997, totaling $81,800.
WHEREAS, the City Council desires that the fiscal year 1997-98 budget appropriation
be increased as follows:
Abalone Cove Fund:
Long term Advances from City #380-000-395.50 $ 1,545,000
Transfers to Other Funds - Debt Service Fund #380-000-391.20 $ 8,000,000
Bond Proceeds (1997 RDA Bond) #380-000-393.10 $ 5,455,000
Debt Service Fund:
Principal Repayment (original County bonds) #210-610-570.90 $10,000,000
Transfers from Other Funds -Abalone Cove #210-000-391.10 $ 8,000,000
Long Term Advance from City #210-000-395.50 $ 81,800
Interest Expense on City Loan (Abalone Cove) #210-610-570.91 $ 81,800
BE IT, THEREFORE, RESOLVED BY THE CITY COUNCIL OF THE CITY OF
RANCHO PALOS VERDES:
The following increases be made to the fiscal year 1997-98 budget as follows:
Abalone Cove Fund:
Long term Advances from City #380-000-395.50 $ 1,545,000
Transfers to Other Funds - Debt Service Fund #380-000-391.20 $ 8,000,000
Bond Proceeds (1997 RDA Bond) #380-000-393.10 $ 5,455,000
Debt Service Fund:
Principal Repayment (original County bonds) #210-610-570.90 $10,000,000
Transfers from Other Funds -Abalone Cove #210-000-391.10 $ 8,000,000
Long Term Advance from City #210-000-395.50 $ 81,800
Interest Expense on City Loan (Abalone Cove) #210-610-570.91 $ 81,800
PASSED, APPROVED, AND ADOPTED THE 18TH DAY OF OVE :ER, 1997.
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A Pi ENC! SECRETARY
State of California )
County of Los Angeles )ss
City of Rancho Palos Verdes )
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I, JO PURCELL, Agency Secretary of The Rancho Palos Verdes Redevelopment
Agency, hereby certify that the above Resolution No. 97-24 was duly and regularly
passed and adopted by the said Board at regular meeting thereof held on November
18, 1997.
I I ,
AGENCY SECRETARY
CITY • RANCHO PALOS VERDES
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