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HomeMy WebLinkAboutCC Res 1758 1969-03-17 .. . . "" ...,,: RESOLUTION NUMBER /15'"t' I A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEAL BEACH, CALIFORNIA, CREATING THE SEAL BEACH ADMINISTRATIVE FUND, AUTHORIZING APPROPRIATIONS TO THE ADMINISTRATIVE FUND AND DIRECTING THE REPAYMENT BY THE AGENCY OF CER- TAIN ADVANCES. WHEREAS, pursuant to Section 33610 of the California Health and Safety Code the City Council of the City of Seal Beach may appro- priate to the Redevelopment Agency of the City of Seal Beach such amounts as the City Council deems necessary for the adminis- trative expenses and overhead of the Redevelopment Agency of the City of Seal Beach I and WHEREAS, monies appropriated by the City Council may be loaned to the Agency and repaid upon such terms and conditions as the City Council may providel and WHEREAS, subsequent to creation of the Agency the City has expended $l4,874 on behalf of the Agency for survey and planning and administrative activities in connection with the Riverfront Redevelopment project in lieu of an appropriation to an adminis- tration fundI and I WHEREAS, it is the intent of the City Council that said expenditures on behalf of the Agency be considered as though the same had been appropr~ated for project costs and expenses of the Riverfront Redevelopment Project paid through an administrative fund. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Seal Beach as follows: I Section l. The sum of $l4,874 expended by the City on behalf of the Agency for the Riverfront Redevelopment Project shall be considered as a loan to the Agency and shall be repaid on the following terms and conditions: (a) Simple interest shall accrue until paid at the rate of six per cent (6%) per annum. (b) The loan, together with accrued interest, shall be repaid by the Agency from tax increments accrueing to the Agency for the Riverfront Redevelopment project pursuant to Sections 33670-33674 of the California Health and Safety Code and Section 19, Article Xlll of the California Constitution, or from any other funds which may beJlegally available to the Agency for repayment to the City. (c) Repayment need not be made by the Agency until all other debts which may be incurred by the Agency for project improvements, inCluding the future pledge of tax increments for bonds to finance project improvements, have been satisfied or adequate provision made for the repayment of such other Agency indebtedness. (d) If no funds become available for such purposes then the money loaned and accrued interest need not be repaid. , I I I Resolution Number . ,- Section 2. The City shall from time to time appropria~e monies to be used on behalf of the Agency for Agency administra- tive expenses and overhead in connection with the Riverfront Redevelopment project. Section 3. All monies appropriated by the City Council for such purposes shall be kept in the treasury of the City of Seal Beach in a special fund to be known as the Redevelopment Agency Administrative Fund to meet the administrative expenses. Section 4. Money shall be drawn from the Redevelopment Agency Administrative Fund to meet the administrative expenses of the Agency in substantially the same manner as money is drawn by other agencies and departments of the City subject to budgetary control. Section 5. All funds expended on behalf of the Agency from the Redevelopment Agency Administrative Fund shall be a loan to ,the Agency to be repaid on the following terms and conditions: (a) Simple interest shall accrue until paid at the rate of six per cent (6%) per annum. ~) The loan, together with accrued interest, shall be repaid by the Agency from tax increments accrueing to the Agency for the Riverfront Redevelopment project pursuant to section 33670-33674 of the California Health and Safety Code and section 19, Article Xlll of the California Constitution, or from any other funds which may be legally available to the Agency for repayment to the City. (c) Repayment need not be made by the Agency until all other debts which may be incurred by the Agency for project improvements, including the future pledge of tax increments for bonds issued to finance project improvements, have been satisfied or adequate provision made for the repayment of such other Agency indebtedness. (d) If no funds become available for such purposes, then the money loaned and accrued interest need not be repaid. Section 6. The Agency shall annually submit to the City Council a proposed budget of its proposed administrative expenses for the ensuing fiscal year. An annual budget will be adopted by City Council for the administrative expenses of the Agency with such conditions and restrictions upon the expenditure or encumbrance of the money appropriated pursuant to the budget as the City Council deems appropriate. ".. I I I Resolution Number J- section 7. A detailed report of all transactions made on behalf of the Agency, including a statement of all revenues and expenditures shall be submitted to the City councilor the Agency Board upon the request of each such body. PASSED, APPROVED, AND ADOPTED by the City Council of the City of Seal Beach, California, at a meeting thereof held on the l7th day of March, 1969~ by t>>e following vote: .' ,/ . AYES: counc~lme~~_ ~eu..., k ~1>_dr. , ~--...___ NOES: Councilmen --;:?7"7"T . ABSENT: Councilmen -~ ATTEST: Qr/A~ ~ 0 ~-"~ Cle '. ~ "