CC Resolution 1984-037)A RESOLUTION NO. 84-37
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
LA QUINTA, CALIFORNIA, APPROVING AN AGREEMENT
RELATIVE TO AN ADVANCE OF FUNDS FROM THE CITY OF
LA QUINTA TO THE LA QUINTA REDEVELOPMENT AGENCY.
BE IT RESOLVED by the City Council of the City of La Quinta,
Ca1ifornia? to approve an agreement between the City of La Quinta
and the La Quinta Redevelopment Agency relative to an advance of
funds in the amount of Thirty-Five Thousand Dollars $35,000.00)
from the City of La Quinta to the La Quinta Redevelopment Agency.
APPROVE? and ADOPTED this 15th day of May
1984.
q 2
AYO?
ATTEST
CITY??LERK
APPROVED AS TO FORM: APPROVED AS TO CONTENT
CITY AT RNEY TY NAGER
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)A AGREEMENT RE: FINANCIAL ASSISTANCE
La Quinta Redevelopment Project)
THIS AGREEMENT RE: FINANCIAL ASSISTANCE is made and entered into
as of the 15th day of May 1984, by and between the
CITY OF LA QUINTA the City") and the LA QUINTA REDEVELOPMENT AGENCY
the Agency")
RECITALS:
A. The City and th? Agency have completed proceedings for the
adoption of a Redevelopment Plan for the La Quinta Redevelopment
Project, and now desire to proceed with plans for the issuance of
bonds for flood control improvements.
B. In connection with the adoption of the Redevelopment Plan,
the Agency has incurred, and in connection with the preparation
and issuance of bonds for flood control improvements, the Agency will
incur, certain costs, and the City is willing to assist the Agency
in financing such costs in accordance with the terms and conditions
hereof.
C. The Agency is authorized under California Health and
Safety Code Section 33600 to accept financial assistance from any
public or private source.
NOW, THEREFORE, in consideration of the foregoing recitals and
the mutual covenants and conditions set forth herein, the Parties
hereto agree as follows:
1. Deposit of Funds
a) Upon the Execution of this Agreement, the City shall
make an additional deposit of funds with the Agency in an arriount
equal to THIRTY-FIVE THOUSAND DOLLARS $35,000.00), totaling
$60,000.00.
b) The Agency may draw upon the funds advanced by the City
from time to time, to pay the costs and expenses incurred in connection
with the proceedings relative to the adoption of the Redevelopment
Plan, and preparation and issuance of bonds, including, without
limitation, financial consultant fees, redevelopment consultant fees,
environmental consultant fees, bond counsel fees, Agency counsel
fees, document filing fees, engineering fees and reproduction expenses.
2. Adoption of Redevelopment Plan
The City and the Agency agree to use their best efforts to
take such actions as deemed appropriate by the City and the Agency to
complete all steps leading to adoption and approval of the Redevelopment
Plan prior to December 31, 1983. Such steps may include, without
limitation, the hiring of a financial consultant, redevelopment
consultant, Agency counsel, environmental consultant, bond counsel,
under?r-jter, architects and engineers.
3. Preparation and Issuance of Flood Control Bonds
Recognizing the blighting influence of flood hazards,
the City and the Agency agree to use their best efforts to take such
actions as deemed appropriate by the City and the Agency to complete
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)Aall steps leading to preparation and issuance of flood control
bonds in a timely manner. Such steps may include, without limitation,
the hiring of a financial consultant, bond counsel, and underwriters
4. Repayment of Funds Advanced
Upon the adoption of the Redevelopment Plan and Subject to
the resolution of any legal challenge, the City and the Agency agree
to use their best efforts to issue or cause the issuance of bonds,
notes or certificates of participation to carry out the Redevelopment
Plan and to utilize such other financial assistance as may be
appropriate to do so, and to repay the amounts advanced by the City
pursuant to paragraph 1 a) above with simple interest at the rate
of ten percent 10%) per annum thereon from the date the amount was
advanced by the City to date of repayment.
CITY OF LA INTA
BY:
Its: Mayor
ATTEST:
City Cler Ci y of La Quinta
REDEVELOPMENT AGENCY OF THE CITY
OF LA
BY: 2??
Its: Chairman
ATTEST
ecretary, edev??lopment Agency
of the City of La Quinta
2-
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