HomeMy WebLinkAboutCC Res 1759 1969-03-17
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RESOLUTION NUMBER 11 5" q ,
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF SEAL BEACH, CALIFORNIA, APPROPRIATING THE
SUM OF $l20,OOO FOR DEPOSIT INTO THE REDEVE-
LOPMENT REVOLVING FUND AND DIRECTING PAYMENT
ON BEHALF OF THE REDEVELOPMENT AGENCY ON
CERTAIN TERMS AND CONDITIONS.
WHEREAS, pursuant to Section 33620 of the California Health and
Safety Code the City Council of the City of Seal Beach by
resolution established the Redevelopment Revolving Fund for the
benefit of the Redevelopment Agency of the City of Seal Beach~
and
WHEREAS, Section 3362l of said law, provides that the City Council
may appropriate money to be deposited into said fundr
NOW, THEREFORE, BE IT RESOLVED, by the city Council of the City
of Seal Beach as follows:
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l. One 'Hundred and Twenty Thousand Dollars ($l20,OOO) is
hereby appropriated by the City Council from the Special Project
and Improvement Reserve to a special fund known as the Redevelop-
ment Revolving Fund.
2. The City Treasurer is hereby authorized and directed to
pay from the Redevelopment Revolving Fund on behalf of the Agency
those costs and expenses as provided by the Health and Safety
Code' in the amount of $l20, 000. Said amount is to be considered
a loan to the Agency and to be repaid pursuant to the terms and
conditions set forth herein.
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3. The above sum to be loaned to the Redevelopment Agency of
the City of Seal Beach shall be repaid as follows:
(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 Redevelop-
ment Project pursuant to Sections 33670-33674 of the
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 pur-
poses then the money loaned and accrued interest
need not be repaid.
4. The sum loaned shall be used by the Agency for repayment to
the City the City's cost of constructing a community facility in
Marina Drive Park, estimated to cost $l20,OOO.
Resolution Number
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5. In addition to the above loan to the Agency and because
of the benefit of the Marnia Park to the Project, the Agency
shall agree to repay to the C~ty the City's cost of Fifty-Eight
Thousand Dollars ($58,000) for acquisition of the Marina Park
site on the same terms and conditions provided in 3 ~:(a) through
3 (d) for repayment of the loan.
6. The City, acting pursuant to the Cooperation Agreement
between the Agency and the city, dated March 3, 1969, shall
account to the Agency upon request for all funds expended from
the Redevelopment Revolving Fund on behalf of the Agency.
7. The Agency shall file with the City Council a detailed
report of all its expenditures of funds coming from the
Redevelopment Revolving Fund at the request of the City Council.
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PASSED, APPROVED, AND ADOPTED by the City Council of the City of
Seal Beach, California, at a meeting thereof held on March l7, 1969,
by the following vote: a ,;f
AYES: councilmena,~ .".', ~...tu-. .iJ.,,~~~.,:~ ':;{l..L--
NOES: Counc ilmen L..;;:?..--...-
ABSENT: Councilmen ~~_
ATTEST:
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