HomeMy WebLinkAboutCC Res 4222 1993-05-10
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RESOLn'rION NUMBER L/2..z;z.,
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEAL
BEACH AUTHORIZING A LOAN FROM THE CITY OF SEAL BEACH
GENERAL FUND TO THE SEAL BEACH REDEVELOPMENT AGENCY
FOR PAYMENT OF THE SEAL BEACH REDEVELOPMENT AGENCY'S
CONTRIBUTION TO THE EDUCATION REVENUE AUGMENTATION
FTJND.
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 . fU'1ding is not sufficient in the Seal Beach Redevelopment
Agency ~o make its contribution to the Educational
Revenue Augmentation Fund.
Now, therefore, the Board of Directors of the Seal Beach
Redevelopment Agency and the City council of the City of Seal Beach
authorize a loan in the amount of $128,791.59 from the city of Seal
Beach General Fund to the Seal Beach Redevelopment Agency for
payment of the Agency I s contribution to the Education Revenue
Augmentation Fu"d.
PASSED, APP OVED
Seal Beach
Redevelopment
day of
AND ~DOPTED BY the City Co~ncil of the city of
the Board of Directors of the ~al Beach
c a a meeting held on the /tJ _
, 1993 by the following
AYES:
~ ~OES ~
ABSENT:
Councilmembers
An~.I ~ :2JAJ.....Je..
- Mayor
lI't'':'EST:
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.:#" ~ SEAL 8'\\1
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r.~t~ erk /
. ~.., ".e. of =a:iforr: :ta,
~C' ,..t-y of Orange ) SS
:... 7:i ::If Seal Beach ,
)'. .' .;Inne M. Yeo, Cit:r r-ler]c of the t::it\' ~._ Seal Beach, do hereby
c..e ' ~:',l;N~?f_oregoing resoiution is the c.:igmal copy of Resolut~on
t.1Ul'"~'~ .~.;l~n file in the office of the t:'ity Clerk.