HomeMy Public PortalAbout44 Loan Repayment Agree Redevelopment AgencyTOWN OF TRUCKEE
California
RESOLUTION NO. 97-44
A RESOLUTION OF THE TRUCKEE TOWN COUNCIL AUTHORIZING A LOAN
REPAYMENT AGREEMENT WITH THE TRUCKEE REDEVELOPMENT AGENCY
WHEREAS, the Truckee Town Council has determined to commence the process of forming
the Truckee Redevelopment Agency pursuant to Health & Safety Code Section 33101; and
WHEREAS, that activation process will require the use of specialized staff, consulting, and
legal resources; and
WHEREAS, the Town is willing to advance such costs, and has previously advanced some
costs incurred; and
WHEREAS, it is appropriate to insure that any general fund monies advanced are repaid to
the Town if the Agency is funded; and
NOW THEREFORE, BE IT RESOLVED BY THE TRUCKEE TOWN COUNCIL,
1. The Town Council hereby confirms the previous advance of funds to the Truckee
Redevelopment Agency in the amount of $18,637.05.
2. The Town Council hereby authorizes the Mayor or Vice-Mayor, as appropriate, to
execute a loan repayment agreement with the Truckee Redevelopment Agency which
pro-vides for the repayment of any additional funds to be advanced during this fiscal
year as well as those previously advanced.
3. The loan repayment agreement shall provide, at a minimum, that the advance shall be
repayable from the first revenue reasonably available to the Agency from the receipt
of tax increment proceeds, bond proceeds, or both. It shall further accrue interest at the
average rate paid by the Local Agency Investment Fund (LAIF) during the fiscal year
as determined by the Town Treasurer.
The foregoing Resolution was adopted at a Regular Meeting of the Truckee Town Council,
held on the 18th day of December, 1997, by Councilmember Susman who moved its adoption, which
motion being duly seconded by Councilmember Drake was upon roll call carried and the Resolution
adopted by the following vote:
AYES:
NOES:
ABSENT:
Councilmembers Drake, McCormack, Schneider, Susman & Mayor Florian
None
None ....
Ronald J. Florian, Mayor
Attest:
Stephen I~.