RDA Resolution 1983-28 RESOLUTION NO. RA-83-28
A RESOLUTION OF THE LA QUINTA REDEVELOPMENT
AGENCY, 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 La Quinta Redevelopment Agency, 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 Fifteen Thousand Dollars 15,000.00) from
the City of La Quinta to the La Quinta Redevelopment Agency
APPROVED and ADOPTED this 6th day of December
1983.
ATTEST:
I
*CIT CLERK
APPROVED AS TO FORM APPROVED AS TO CONTENT:
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RESOLUTION NO. RA 83-28
AGREEMENT RE: FINANCIAL ASSISTANCE
La Quinta Redevelopment Project)
THIS AGREEMENT RE: FINANCIAL ASSISTANCE is made and
entered into as of the 6th day of Dec. 1983, by and between
the CITY OF LA QUINTA the City') and the LA QUINTA REDEVELOPMENT
AGENCY the Agency").
RECITALS:
A. The City and the Agency have completed proceedings for the
adoption of a Redevelopment plan for the La Quinta Redevelopment
Project.
B. In connection with the adoption of the Redevelopment Plan,
the Agency has incurred, and 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 a deposit of funds with the Agency in an amount equal to FIFTEEN
THOUSAND DOLLARS $15,000).
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, including, without limitation, financial con-
sultant 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 appro-
priate by the City and the Agency to complete all steps leading to the
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RESOLUTION NO. RA 83-28
adoption and approval of the Redevelopment Plan prior to Deceber 31,
1983. Such steps may include, without limitation, the hiring of a
financial consultant, redevelopment consultant, Agency counsel,
environmental consultant, bond counsel, underwriter, architects and
engineers.
3. 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 OFA QUINTA
By: %Y6
Its: Mayor
ATTEST:
ffi
City Clerk, CltOf La Quinta
REDEVELOPMENT AGENCY OF THE CITY
OF LA QUINTA
By:
Its: Chairman
ATTEST
etary,Re;opment Agency
of the City of La Quinta
2-
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