2009-06 1
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RESOLUTION NO. 2009- 06
A RESOLUTION OF THE COMMUNITY REDEVELOPMENT AGENCY OF
THE CITY OF GRAND TERRACE, CALIFORNIA, AUTHORIZING A LOAN
TO THE CITY OF GRAND TERRACE
FOR FY 2009-10
WHEREAS,the agency board has considered a loan to the City of Grand Terrace
general fund through the budget process; and
WHEREAS, the basis for such loan has been determined to be additional
administrative overhead charges that will be charged to the agency once a overhead cost
study has been undertaken to justify such charges; and
WHEREAS, the redevelopment agency desires to loan the City of Grand Terrace
general fund up to $156,000; in advance of a revised overhead cost study; and
WHEREAS,the agency board desires to loan such funds to the City on a short-
term basis; and
WHEREAS, the agency has surplus funds that are earning interest in investments
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as authorized by government code 53600; and
NOW THEREFORE, the Board of Directors of the Community Redevelopment
Agency of Grand Terrace does hereby resolve, declare, determine, and order as follows:
Section 1. There are sufficient funds in the unreserved, undesignated non-housing
Fund Balance Reserves of the Community Redevelopment Agency to fund a loan to City
of Grand Terrace general fund.
Section 2. The amount of the short-term loan to the City will not exceed $156,000.
Section 3. Funds are due and payable to the Agency on or before July 1, 2010.
Section 4. Loaned funds will accrue interest at the rate of the average Local Agency
Investment Fund rate (LAIF).
PASSED, APPROVED, AND ADOPTED this 23ra day of June, 2009.
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Attest:
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Secretary of the Grand Terrace Community Chairma of the Grand Terrace
Redevelopment Agency Comm ity Redevelopment Agency
Approved as to form;
Agency Cou se
Resolution CRA 2009-06
I,BRENDA MESA,CITY CLERK of the City of Grand Terrace,do hereby certify that the foregoing
Resolution was introduced and adopted at a regular meeting of the Community Redevelopment
Agency of the City of Grand Terrace held on the 23`d day of June, 2009 by the following vote:
AYES: Agency Members Cortes,Miller and Stanckiewitz;Chairman Ferre
NOES: None
ABSENT: Vice-Chairman Garcia
ABSTAIN: None
Crty Clerk