RDA Resolution 2002-17 RESOLUTION NO. RA 2002-17
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF
LA QUINTA, AUTHORIZING REPAYMENT OF THE ERAF (EDUCATION
REVENUE AUGMENTATION FUND) LOAN FROM THE LOW- AND
MODERATE-INCOME HOUSING FUND FOR PROJECT AREA 2
WHEREAS, The Board of Directors of the La Quinta Redevelopment Agency
approved a loan on December 21, 1993, from the Low- and Moderate-Income Housing
Fund to the Debt Service Fund of Project Area 2 by Resolution RA 93-17, in order to
provide necessary funds to pay State Mandated Education Revenue Augmentation
Fund (ERAF) costs, pursuant to Health and Safety Code Section 33681; and
WHEREAS, Resolution RA 93-17 stipulated that this amount must be repaid to
the Agency's Low- and Moderate-Income Housing Fund on or before June 30, 2004;
and
WHEREAS, sufficient funds are now available in the Project Area 2 DebtService
fund to repay the outstanding loan, and it is in the best interests of the Agency for the
loan to be repaid at this time;
NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the City
of La Quinta as follows:
1. The original loan amount of $39,135, together with interest, shall now
be repaid to the Low- and Moderate-Income Housing Fund for Project
Area 2, in the total amount of $57,444, and necessary funds
appropriated from Debt Service Fund reserves.
PASSED, APPROVED and ADOPTED at a regular meeting of the La Quinta City
Council, held this 15th day of October, 2002, by the following vote:
AYES: Members Adolph, Pe~a, Perkins, Sniff, Chair Henderson
NOES: None
ABSENT: None
ABSTAIN: None
TERRY ~J~NDERSON, Chair
La Quinta Redevelopment Agency
Resolution No. RA 2002-17
Repayment of ERAF Loan
Project Area 2
Page 2
ATTEST:
JUNE~.~REEK~ CMC, A~g;nCy Secretary
La Quinta Redevelopment Agency
(Agency Seal)
APPROVED AS TO FORM:
M, K~ATH ~IN ~~J~J ~~0unsel
La Quinta Redevelopment Agency