HomeMy WebLinkAboutRDA Res 93-4 1993-09-27
RESOLUTION NUMBER tf,ff ...4
A RESOLUTION OF TEE GOVERNING BOARD OF TEE
SEAL BEACH REDEVELOPMENT AGENCY AUTHORIZING
AND CONFIRMING A LOAN FROK THE RIVERFRONT
LOW AND MODERATE HOUSING FOND AS OF JtJNE 30,
1993, FOR PAlMENT OF TEE SEAL BEACH REDEVELOP-
MBN'1' AGENCY I S CONTRIBUTION TO TEE EDUCATION
REVENtJE AUGMENTATION P'lJND AND DECLARING THAT
CITY COUNCIL RESOLUTION NUMBER 4222 IS HEREBY
RESCINDED.
I
THE CITY COUNCIL OF TEE CITY OF SEAL BEACH DOES HEREBY RESOLVE:
WHEREAS, the 1992 Budget Act requires Redevelopment Agencies to
shift property tax allocations to fund K-12 schools
through community college; and
WHEREAS, the State of California created the Educational Revenue
Augmentation Fund for this purpose; and
WHEREAS, Health and Safety Code 33681, added by Senate Bill 844,
requires the legislative body of each Redevelopment
Agency to make up the difference if funding in the
Redevelopment Agency is insufficient to make its
contribution; and
WHEREAS, funding is not sufficient in the Seal Beach Redevelopment
Agency to make its contribution to the Educational
Revenue Augmentation Fund.
NOW, THEREFORE, BE IT RESOLVED THAT the Board of Directors of the
Seal Beach Redevelopment Agency does hereby authorize a loan in the
amount of $128,791.59 from the Riverfront Low and Moderate Housing
Fund to the Seal Beach Redevelopment Project Fund for payment of I'
the Agency's contribution to the Education Revenue Augmentation
Fund.
AYES:
Agency Member
NOES:
ABSENT:
C"" -z"'A ~ j
~hainnan
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STATE OF CALIFORNIA)
COUNTY OF ORANGE ) SS
CITY OF SEAL BEACH )
.
I, Joanne M. Yeo, City Clerk of the City of Seal Beach, do hereby
certif~heloregoing resolution is the original copy of Resolution
Number~.:~:pn file in the office of the City Clerk, passed
ap oved and adopted by the Redevelopment Agency of..1~~City of
ac at a regular meeting thereof held on the ~ day of
, 93.
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