CVWD - Flood Control 85AGREEMENT BETWEEN THE CITY OF LA QUINTA,
THE LA QUINTA REDEVELOPMENT AGENCY
AND THE COACHELLA VALLEY WATER DISTRICT
This Agreement is entered into this 15th day of August f
1985, between the CITY OF LA QUINTA (the "City"), the LA QUINTA REDEVELOPMENT
AGENCY (the "Agency") and the COACHELLA VALLEY WATER DISTRICT (the "District").
Recitals
1. The City and the Agency propose to undertake certain redevelopment
activities known as the "Redevelopment Plan for the La Quinta Redevelopment
Project" pursuant to the Community Redevelopment Law of the State of California
in the interest of the health, safety and general welfare of the people of the
City of La Quinta; and
2. The Agency proposes to finance and construct the La Quinta Flood
Control Facilities Project (Project); and
3. The Agency, City and District have entered into agreements dated
November 29, 1983, June 5, 1984, and July 23, 1985, for the financing by the
Agency of and the preparation of plans and specifications for the Project; and
4. The District is authorized by law to construct, operate and maintain
drainage and flood control works and facilities within the Project Area; and
5. The parties hereto desire to make certain mutual provisions for the
financing of the Project.
Covenants
6. The District has advanced $778,000 for engineering costs associated
with the design and preparation of plans and specifications for the Project.
7. The District agrees to defer the repayment of the $778,000 for a
period not to exceed five years from the date of this Agreement; however, the
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Agency will repay the District as soon as possible after the annual gross tax
increment revenues are equivalent to 125 percent of maximum annual debt service
of the La Quinta Redevelopment Project Tax Allocation Bonds, Series 1985, and
the Reserve Account for said Bonds, Series 1985 is fully funded.
8. The Agency will pay the District interest on the deferred funds at the
interest being paid by the State of California Local Agency Investment Fund for
the period of the deferral. Interest will start on the date of delivery of the
bond proceeds to the Agency. Interest shall be due with the repayment of the
funds.
9. It is agreed that the deferral in the amount of $778,000 shall be
placed in an account overseen by a Trustee and such funds shall only be used to
the extent necessary to meet debt service requirements on the La Quinta
Redevelopment Agency Project Tax Allocation Bonds, Series 1985, until such time
of the repayment of the District in Paragraph 7 above from funds in the account
or from other funds.
10. This Agreement may be amended from time to time by mutual agreement of
the parties hereto.
11. This Agreement shall be effective when it is executed by the parties
hereto.
12. Each paragraph and provision of this Agreement is severable from each
other provision and if any provision or part herein is declared invalid the
remaining provision shall nevertheless remain in full force and effect.
13. This Agreement constitutes the entire, complete and final expression
of the Agreement of the parties.
14. If action or claim is brought by either party against the other to
enforce or for damages for breach of any of the provisions of this Agreement,
the prevailing party therein shall be entitled to recover as an element of its
costs of suit and not as damages, all attorneys fees and other costs actually
incurred in connection with such action or claim. Either party not entitled to
recover costs of suit shall not recover attorneys fees.
-2-
CITY OF LA QUINTA
ATTEST:
ATTEST:
Executive Director
ATTEST:
Secretary
-3-
yo
LA QUINTA REDEVELOPMENT AGENCY
ai an
COACHELLA VALLEY WATER DISTRICT
AGREEMENT BETWEEN THE CITY OF LA QUINTA,
THE LA QUINTA REDEVELOPMENT AGENCY
AND THE COACHELLA VALLEY WATER DISTRICT
This Agreement is entered into this 15t11 day of August ,
1985, between the CITY OF LA QUINTA (the "City"), the LA QUINTA REDEVELOPMENT
AGENCY (the "Agency") and the COACHELLA VALLEY WATER DISTRICT (the "District").
Recitals
1. The City and the Agency propose to undertake certain redevelopment
activities known as the "Redevelopment Plan for the La Quinta Redevelopment
Project" pursuant to the Community Redevelopment Law of the State of California
in the interest of the health, safety and general welfare of the people of the
City of La Quinta; and
2. The Agency proposes to finance and construct the La Quinta Flood
Control Facilities Project (Project); and
3. The Agency, City and District have entered into agreements dated
November 29, 1983, June 5, 1984, and July 23, 1985, for the financing by the
Agency of and the preparation of plans and specifications for the Project; and
4. The District is authorized by law to construct, operate and maintain
drainage and flood control works and facilities within the Project Area; and
5. The parties hereto desire to make certain mutual provisions for the
financing of the Project.
Covenants
6. The District has advanced $778,000 for engineering costs associated
with the design and preparation of plans and specifications for the Project.
7. The District agrees to defer the repayment of the $778,000 for a
period not to exceed five years from the date of this Agreement; however, the
-1-
Agency will repay the District as soon as possible after the annual gross tax
increment revenues are equivalent to 125 percent of maximum annual debt service
of the La Quinta Redevelopment Project Tax Allocation Bonds, Series 1985, and
the Reserve Account for said Bonds, Series 1985 is fully funded.
8. The Agency will pay the District interest on the deferred funds at the
interest being paid by the State of California Local Agency Investment Fund for
the period of the deferral. Interest will start on the date of delivery of the
bond proceeds to the Agency. Interest shall be due with the repayment of the
funds.
9. It is agreed that the deferral in the amount of $778,000 shall be
placed in an account overseen by a Trustee and such funds shall only be used to
the extent necessary to meet debt service requirements on the La Quinta
Redevelopment Agency Project Tax Allocation Bonds, Series 1985, until such time
of the repayment of the District in Paragraph 7 above from funds in the account
or from other funds.
10. This Agreement may be amended from time to time by mutual agreement of
the parties hereto.
11. This Agreement shall be effective when it is executed by the parties
hereto.
12. Each paragraph and provision of this Agreement is severable from each
other provision and if any provision or part herein is declared invalid the
remaining provision shall nevertheless remain in full force and effect.
13. This Agreement constitutes the entire, complete and final expression
of the Agreement of the parties.
14. If action or claim is brought by either party against the other to
enforce or for damages for breach of any of the provisions of this Agreement,
the prevailing party therein shall be entitled to recover as an element of its
costs of suit and not as damages, all attorneys fees and other costs actually
incurred in connection with such action or claim. Either party not entitled to
recover costs of suit shall not recover attorneys fees.
-2-
CITY OF LA QUINTA
ATTEST:
City Clerk
ATTEST:
Executive irector
ATTEST:
Secretary
-3-
O
or
LA QUINTA REDEVELOPMENT AGENCY
a
COACHELLA VALLEY WATER STRICT
1
,4
Genera anag r--IWef Engineer