RDA Resolution 1994-14w*h 1
RESOLUTION NO. RA 94-14
A RESOLUTION OF THE LA QUINTA REDEVELOPMENT AGENCY
ESTABLISHING A LOAN FROM THE CITY OF LA QUINTA TO THE LA
QUINTA REDEVELOPMENT AGENCY-PROJECT AREA NO.2
WHEREAS, the activities of the La Quinta Redevelopment Agency Project Area No.
2 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.2 revenues are of a
limited nature, although additional future revenues would be forthcoming as development
continues; and
WHEREAS, the City of La Quinta Fiscal Year 1993-94's General Fund $5,121,796 Loan
to the Agency Project Area No.2 matured on June 30, 1994; and
WHEREAS, the City of La Quinta desires that the remaining Loan Principal in the
amount of $4,321,796 be renewed for Fiscal Year 1994-95.
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.2 be approved in an amount not to exceed $4,321,796.
PASSED, APPROVED, AND ADOPTED at a regular meeting of the La Quinta
Redevelopment Agency, held on this 19th day of July, 1994, by the following vote, to wit:
AYES: Board Members Bangerter, McCartney, Pena, Perkins, Chairman Sniff
NOES: None
ABSENT: None
ABSTAIN: None
STANLEY SNIFF
La Quinta Redevelopment Agency
BIB]
11-03-1997-U01
11:32:21AM-U01
ADMIN-U01
RDARES-U02
94-U02
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w*h a
Resolution No. RA 94-14
AT E
SAUNDRA L. OLA, Secretary
La Quinta Redevelopment Agency
APPROVED AS TO FORM.
DAWN HON EYWE6*L, Agency Attorney
La Quinta Redevelopment Agency
BIB]
11-03-1997-U01
11:32:21AM-U01
ADMIN-U01
RDARES-U02
94-U02
14-U02