CC Resolution 1994-052^"G RESOLUTION NO.94-52
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LA QUINTA
ESTABLISHING A LOAN FROM THE CITY OF LA QUINTA TO THE LA
QUINTA REDEVELOPMENT AGENCY-PROJECT AREA NO.1
WHEREAS, the activities of the La Quinta Redevelopment Agency Project Area No.
1 cause improvements to be done that are beneficial to both the City of La Quinta and the La
Quinta Redevelopment Agency; and
WHEREAS, current Redevelopment Agency Project Area No.1 revenues are of a
limited nature, although additional future revenues would be forthcoming as development
continues; and
WHEREAS, the City of La Quinta desires that the Redevelopment Agency Project Area
No.1 continues with such mutually beneficial improvements.
WHEREAS, the City has authority to provide a loan to the Redevelopment Agency as
an investment under Government Code Section 53601(d) and the City's Investment Policy; and
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of La Quinta,
California as follows:
The attached Promissory Note between the City of La Quinta and the Redevelopment
Agency Project Area No.1 be approved in an amount not to exceed $2,200,000.
PASSED, APPROVED, AND ADOPTED at a regular meeting of the La Quinta City
Council, held on this 19th day of July, 1994, by the following vote, to wit:
AYES: Council Members Bangerter, McCartney, Perkins, Sniff, Mayor Pena
NOES: None
ABSENT: None
ABSTMN: None
City of La Quinta, California
BIB]
08-18-1998-U01
02:27:06PM-U01
ADMIN-U01
CCRES-U02
94-U02
52-U02
^"GResolution No.94-52
City of La Quinta, California
APPROVED AS TO FORM:
I
D.*W*4?NLHl*ONEYWELL, City Attorney
City of La Quinta, California
BIB]
08-18-1998-U01
02:27:06PM-U01
ADMIN-U01
CCRES-U02
94-U02
52-U02