HomeMy WebLinkAboutRDA Res 86-05 1986-06-23
RESOLUTION NUMBER Ilt - ~
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF
THE CITY OF SEAL BEACH, CALIFORNIA,
ESTABLISHING A RESERVE FUND FOR THE PROPOSED
ACQUISITION AND/OR DEVELOPMENT OF THE ZOETER
SCHOOL SITE AND AUTHORIZING A DEPOSIT THERETO
OF $350,000
THE REDEVELOPMENT AGENCY OF THE CITY OF SEAL BEACH HEREBY
RESOLVES:
WHEREAS, investment income received by the Seal Beach
Redevelopment Agency for the year ended 6/30/85
exceeded budgeted estimates by $350,000; and
I
WHEREAS, the approved Redevelopment Agency budget for 1985/86
allocated funds of $350,000 to the Zoeter School
Reserve Fund; and
WHEREAS, said $350,000 has been commingled with authorized City
investment funds for the fiscal year ended 6/30/86
earning an estimated investment return of 8% per annum;
and
WHEREAS, said payment of $350,000 from the Redevelopment Agency
to City of Seal Beach should be considered as a
reduction of the indebtedness by the Redevelopment
Agency to the City of Seal Beach.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City
of Seal Beach does hereby resolve to establish the Zoeter School
Reserve Fund with an initial deposit of $350,000 to earn interest
of 8% with effect from July I, 1985.
BE IT FURTHER RESOLVED that said payment of $350,000 shall reduce
the indebtedness of the Redevelopment Agency to the City of Seal
Beach by a like amL~nt,
NOES:
Agency Members
I
PASSED, APPROVED
d? 3~day of
AYES:
ABSENT:
Agency Members
(ff~./ R.~
Chairman
ATE OF CALIFORNIA)
COUNTY OF ORANGE ) SS
CITY OF SEAL BEACH )
I
I, Joanne M. Yeo, City Clerk of the City of Seal Beach
California, and Secretary to the Seal Beach Redevelop~nt Agency
do hereby certify that the foregoing resolution is the original '
copy of Resulution Number -~n file in the office of the
City Clerk, passed, approved a a pted by the Redevelopment
Agency of the City of Seal Be h a special meeting thereof
held on the o?5."',{ day of , 1986.