1997-03 r, RESOLUTION NO. 97-03
A RESOLUTION OF THE COMMUNITY
REDEVELOPMENT AGENCY OF THE CITY OF GRAND
TERRACE RE: TRANSFER OF FUNDS TO CITY OF
GRAND TERRACE
WHEREAS, the Community Redevelopment Agency of the City of Grand Terrace has
previously issued its $5,025,000.00 Community Redevelopment Project Area Refunding Tax
Allocation Bonds, Series 1993A and its $8,750,000.00 Community Redevelopment Project Area r
Taxable Tax Allocation Bonds, Series 1993B; and
WHEREAS, as security for said bonds, the Redevelopment Agency pledged tax
increment formerly allocated to the City of Grand Terrace General Fund; and
WHEREAS, a portion of the proceeds of the aforesaid Bonds was intended to be utilized
for the reimbursement of that tax increment formerly allocated to the City of Grand Terrace, on
an annual basis and in the form of a.loan; and
WHEREAS, the Redevelopment Agency wishes to formally confirm the foregoing
financial arrangement, to be effective until such time as additional revenue sources and/or
reductions in expenditures replace the aforesaid annual loan amount.
NOW, THEREFORE, be it resolved as follows:
1. That the foregoing recitals are true and correct and are incorporated herein.
2. That the Redevelopment Agency hereby agrees and commits to
providing revenues to the City of Grand Terrace in the form a loan in an amount sufficient to
allow General Revenues (including the loan amount) to equal General Fund expenditures, until
such time as said revenues and expenditures are at least equal, as a consequence of either
additional revenue sources or expenditure reductions.
- 1
PASSED, APPROVED AND ADOPTED this22ndday of July 1997
upon the following vote:
AYES: Councilmembers Hilkey, Singley, and Garcia; Mayor
Pro Tem Buchanan; Mayor Matteson
NOES: None
ABSENT: None
ABSTAIN: None
MAY( OF THE CITY OF GRAND TERRACE
ATTEST:
BRENDA STANFILL, CITY CLERK
APPROVED AS TO FORM:
JOHN R. HARP AR CITY ATTORNEY
2