HomeMy WebLinkAbout73-37 - Creating Costa Mesa Redevelopment Agency Administrative FundRESOLUTION NO. 73-37
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COSTA
MESA PROVIDING FOR THE APPROPRIATION OF FUNDS TO THE
REDEVELOPMENT AGENCY FOR ADMINISTRATIVE EXPENSES, AND
ESTABLISHING CONDITIONS THEREON; ESTABLISHING THE
NATURE OF THE APPROPRIATION; PROVIDING FOR THE CREA-
TION OF THE COSTA MESA REDEVELOPMENT AGENCY ADMINISTRA-
TIVE FUND; LIMITING THE EXPENDITURE OF SAID FUNDS FOR
THE PERFORMING OF A PUBLIC FUNCTION FOR THE CITY OF
�. COSTA MESA; AND REQUIRING FINANCIAL REPORTS AT REASONABLE
INTERVALS.
THE CITY COUNCIL OF THE CITY OF COSTA MESA DOES HEREBY RESOLVE AS
FOLLOWS:
THAT, WHEREAS, heretofore the City Council of the City of Costa Mesa
has advanced to the Costa Mesa Redevelopment Agency the sum of $50,000.00
for the expenses of redevelopment planning and dissemination of redevelop-
ment information; and
WHEREAS, the Agency has requested additional funds in the form of a
loan from the City of Costa Mesa to the agency, to defray administrative
expenses in accordance with a budget submitted by the agency to City; and
WHEREAS, the City Council of the City of Costa Mesa having duly con-
sidered said budget;
NOW, THEREFORE, BE IT RESOLVED, that the City Council of the City of
Costa Mesa approves and adopts the budget submitted by the Redevelopment
Agency, and authorizes an advance loan to the agency of the budgetary amount
requested by the agency, under the following terms and conditions; and
►--r BE IT FURTHER RESOLVED, that the money appropriated for administrative
expenses be kept in the treasury of the City of Costa Mesa in a special fund,
to be known as the Costa Mesa Redevelopment Agency Administration Fund; said
funds to be drawn from this account in substantially the same manner as money
is drawn by other departments of the City, subject to budgetary control;
BE IT FURTHER RESOLVED, that the money so appropriated be spent for
administrative purposes only by the agency in its performance of a public
function for the City;
BE IT FURTHER RESOLVED, that the agency shall make monthly financial
reports to the City, setting forth all revenue and expenditures;
BE IT FURTHER RESOLVED, that said funds appropriated as provided for
herein be deemed a loan from the City of Costa Mesa to the Costa Mesa
Redevelopment Agency and not a grant to said agency;
BE IT FURTHER RESOLVED, that said loan be repaid from the first income
of the agency, other than the appropriations set forth herein; said repay-
ment to be upon terms and conditions to be established by the City of Costa
Mesa, at the time first income is realized by the agency.
BE IT FINALLY RESOLVED, that the money herein appropriated and loaned
to the Redevelopment Agency shall be deemed the agency administrative fund,
and shall not be deemed a grant by the City to the Agency in establishing
the Redevelopment Revolving Fund, pursuant to Section 33620 Health and Safety
Code.
PASSED AND ADOPTED this 16th day of April, 1973.
Ma r of the City of Costa Mesa
ATTEST:
Qp
City Clerk of the City of Cos Mesa
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) SS
CITY OF COSTA MESA }
I, EILEEN P. PHINNEY, City Clerk of the City of Costa Mesa and
ex -officio Clerk of the City Council of the City of Costa Mesa hereby
certify that the above and foregoing Resolution No. 73-37 was duly and
regularly passed and adopted by the City Council of the City of Costa
Mesa at a regular meeting thereof held on the 16th day of April, 1973.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the
Seal of the City of Costa Mesa, this 17th day of April, 1973.
pp
City Clerk and ex -officio Clerkthe
City Council of the City of Cos Mesa