RDA Resolution 1993-17 RESOLUTION RA93-17
A RESOLUTION*ON OF THE LA QUINTA REDEVELOPMENT
AGENCY AUTHORIZING A LOAN FROM THE LOW- AND
MODERATE-INCOME HOUSING FUND TO PAY THE STATE
MANDATED AMOUNT TO THE EDUCATIONAL REVENUE
AUGMENTATION FUND
WHEREAS, Section 33681 provides that during the 1993-94 Fiscal Year each
redevelopment agency shall allocate to the Educational Revenue Augmentation Fund, prior to
May 10, 1994, an amount determined pursuant to a formula contained therein the **ERAF
Amount"); and,
WHEREAS, the California Director of Finance has notified the La Quinta
Redevelopment Agency the Agency") that the ERAF Amount it is required to pay is Five
Hundred Fifty-one Thousand and Ninety-three Dollars $551,093); and,
WHEREAS, Health and Safety Code Section 33681(1,)(1) provides that in order
to make the full ERAF Amount allocation required by that section, a redevelopment agency may
borrow up to Fifty Percent 50%) of the amount required to be allocated to the Low and
Moderate-Income Housing Fund in Fiscal Year 1993-94; and,
WHEREAS, Health and Safety Code Section 33681 1,)(2) provides that as a
condition for borrowing pursuant to that subdivision, a redevelopment agency shall make a
finding that there are insufficient other monies to meet the requirements of Section 33681; and,
WHEREAS, Health and Safety Code Section 33681(d) provides that the legislative
body shall, by March 1, 1994, report to the County Auditor as to how the redevelopment agency
intends to fund the ERAF Amount allocation required by Health and Safety Code Section 33681;
and,
WHEREAS, the staff report which accompanies this Resolution concludes that
there are insufficient funds remaining, after payment of all sums required by existing bonded
indebtedness and other existing agreements, and payment of all administrative expenses, to make
the ERAF Amount payment required by Health and Safety Code Section 33681; and,
WHEREAS, based on the best available data at this time, the Agency projects that
approximately Two Million Two Hundred Forty-two and Seventy-nine Dollars $2,542,079) will
be required pursuant to Health and Safety Code Sections 33334.2 and 33334.6 to be placed in
the Agency's Low- and Moderate-Income Housing Fund in Fiscal Year 1993-94; and,
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Redevelopment Agency Resolution RA93-17
WHEREAS, the Agency intends that this Resolution shall evidence its obligation
to repay to the Low- and Moderate-Income Housing Fund any sums borrowed to fund the ERAF
Amount allocations; and,
NOW, THEREFORE, THE LA QUINTA REDEVELOPMENT AGENCY DOES
HEREBY RESOLVE AS FOLLOWS:
Section 1. The Agency hereby finds that based upon the information presented in the
staff report accompanying this Resolution, the Agency has insufficient other monies to pay the
ERAF Amount required by Health and Safety Code Section 33681(a) without borrowing from
the Agency's Low- and Moderate-Income Housing Fund.
Section 2. The Agency is hereby authorized to borrow the entire Five Hundred Fifty-
one Thousand Ninety-three Dollars $551,093) from the Agency's Low- and Moderate-Housing
Fund, as it is less than Fifty Percent 50%) of the amount required to be allocated to the
Agency's Low- and Moderate-Housing Fund pursuant to Health and Safety Code Sections
33334.2, 33334.3, and 33334.6 during the 1993-94 Fiscal Year, to be used to pay the Agency's
ERAF Amount obligation pursuant to Health and Safety Code Section 33681. Such amount shall
be repaid to the Agency's Low- and Moderate-Housing Fund on or before June 30, 2004.
Section 3. The Executive Director of the Agency is hereby authorized, in cooperation
with the City Manager, to report to the Riverside County Auditor that the Agency intends to
fund the allocation required by Section 33681 through funds borrowed from the Agency's Low-
and Moderate-Income Housing Fund as provided herein, as well as other revenues derived from
tax increment funds. The Executive Director, in cooperation with the City Manager, is
authorized and directed to state in such report that nothing in such report shall be construed to
waive the Agency's rights to contest the constitutionality or legality of such requirement, and
that such payment will be made under protest due to the Agency's belief that such payment
requirement is unconstitutional and illegal.
PASSED, APPROVED, AND ADOPTED this2lstday of December 1993,
by the following vote, to wit:
AYES: Members Bangerter, McCartney, Perkins, Sniff, Chairman Pena
NOES: None
ABSENT: None
ABSTAIN: None
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Redevelopment Agency Resolution RA93-17
La Quinta Redevelopment Agency
ATTEST:
SAUNDRA. Jt<uho*cretary
La Quinta Redevelopment Agency
APPROVED AS TO FORM:
Dawn Honeywell, *ounsel
Stradling, Yocca, Carlson & Rauth
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