HomeMy WebLinkAbout83-158 - ResolutionsRESOLUTION NO. 83-158
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO
CUCAMONGA, CALIFORNIA, APPROVING A LOAN TO THE RANCHO
CUCAMONGA REDEVELOPMENT AGENCY
WHEREAS, the City Council, in accordance with the provisions of the
California Community Redevelopment Law, has created a Redevelopment agency
Administrative Fund for the purpose of accounting for administrative expenses
of the Rancho Cucamonga Redevelopment Agency and funds advance therefore by
the City Council; and
WHEREAS, the City Council from time to time desires to loan funds to
the Rancho Cucamonga Redevelopment Agency.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Rancho Cucamonga as follows:
Section 1: That an initial loan of $1,500,000 is hereby appropriated
from Reserves to the Rancho Cucamonga Redevelopment Agency Administrative Fund
for administrative costs as they apply to the Rancho Cucamonga Redevelopment
Agency in accordance with the Agency's approved fiscal budget.
Section 2: That as increment is received by the Agency, said
increment shall be used to pay off loans from the City of Raneho Cucamonga.
Section 3: That additional loans as required, shall be made to the
Agency in order that increment received by the Agency shall be replaced by
loan proceeds.
Section 4: An annual interest rate of 12% will be assessed to the
Redevelopment Agency to be paid to the General Fund Reserves each thirty days.
PASSED, APPROVED, and ADOPTED this 7th day of September, 1983.
AYES:
Dahl, Buquet, Schlosser, Frost, Mikels
NOES: None
ABSENT: None
ATTEST:
Wasserman, City Clerk
~. Mikels, Mayor