1973-108
RESOLUTION NO. 73R-108
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A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF ANAHEIM APPROVING THE APPROPRIA-
TION OF FUNDS AS A LOAN TO THE ANAHEIM
REDEVELOPMENT AGENCY THROUGH THE REDEVELOP-
MENT AGENCY ADMINISTRATIVE FUND FROM THE
GENERAL FUND.
WHEREAS, pursuant to the California Community Redevelop-
ment Law, a City Council may appropriate to a redevelopment
agency such amounts as the City Council deems necessary for the
administrative expenses and overhead of the Agency. That law
permits such amounts to be paid to the agency as a loan to be
repaid upon such terms and conditions as the City Council may
provide.
follows:
NOW, THEREFORE, BE IT RESOLVED by the City Council as
1. The sum of $ 8,000.00 is hereby appropriated as
a loan to the Redevelopment Agency from the
General Fund to a special fund hereby established
as~the Redevelopment Ageney Administrative Fund.
The RedevelQpment Agency Administrative Fund shall
be used for administrative expenses and overhead
of the Agency. In addition to the common under-
standing and usual interpretation of the term,
"administrative expense" includes, but is not limited
to, expenses of redevelopment planning and dissemi-
nation of redevelopment information.
2. The Agency shall annually submit to the City Council
a proposed budget of its administrative expenses.
The proposed annual budget must be adopted by the
City Council and the Redevelopment Agency subject to
such conditions and restrictions upon the expenditure
or encumbrance of the money as the City Council deems
appropriate.
3. Funds may be drawn from the Redevelopment Agency
Administrative Fund upon the request of the Agency to
meet or to be prepared to meet the administrative
expenses of the Agency by means of the Agency filing
a Request for Payment with the City Finance Director
and paid by means of a City warrant.
4. The Agency shall deposit funds withdrawn from the
Redevelopment Agency Administrative Fund in an Agency
bank account entitled Central Bank Account.
.,,--
The Agency is authorized to expend funds from its
Central Bank Account upon the determination by the
Director of Finance of the City that the expenditure
is consistent with the Agency budget approved by the
City Council and the Agency.
6. The sum appropriated is to be paid to the Agency as
a loan to be repaid as follows:
5.
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a.
Simple interest shall accrue until paid at
the rate of 7% per annum from the time amounts
are paid to the Agency for deposit into the
Central Bank Account.
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b. The amounts paid to the Agency, as well as
accrued interest, shall be repaid by the Agency
from funds which become available to pay the
costs, loans, moneys advanced to, or indebted-
ness incurred by the Agency.
c. If no funds become available for such purposes,
then the money appropriated and accrued interest
need not be repaid.
7. The Agency shall file a detailed report of all its
transactions, including a statement of all revenues
and expenditures at annual intervals on or before
September 30, as of each year ending June 30.
THE FOREGOING RESOLUTION is approved and signed by me
this 20th day of March , 1973
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'hi M
CI Y CLERK OF THE~
ANAHEIM
1973
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss.
CITY OF ANAHEIM )
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I, DENE M. DAOUST, City Clerk of the City of Anaheim,
do hereby certify that the foregoing Resolution No. 73R-1.08 was
passed and adopted at a regular meeting of the City Council held
on the 20th day of March , 19 73 , by the following
vote of the members thereof: -
AYES: COUNCILMEN: Sneegas, Stephenson, Pebley, Thom and
Dutton
NOES: COUNCILMEN: None
ABSENT: COUNCILMEN: None
AND I FURTHER CERTIFY that the Mayor of the City of
Anaheim approved and signed said Resolution on the 20th day of
March , 19~
IN WITNESS WHEREOF, I have hereunto set my hand and
the seal of the City of Anaheim this 20th day of
, 19.2.L..
affixed
March
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CI CLERK OF THE CITY OF ANAHEIM
(SEAL)
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