HomeMy Public PortalAbout43 Redevelopment AgencyTOWN OF TRUCKEE
California
RESOLUTION NO. 2002-43
A RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF TRUCKEE
AUTHORIZING THE ADVANCE OF FUNDS TO THE TRUCKEE REDEVELOPMENT
AGENCY FOR FISCAL YEAR 2002103
WHEREAS, the Town of Truckee ("Town") adopted the Truckee Redevelopment
Agency ("Agency") Project Area on January 22, 1998; and
WHEREAS, the Town adopted the Agency Redevelopment Plan on October 15, 1998;
and
WHEREAS, costs have been incurred by the Agency for implementation of the
Redevelopment Plan; and
WHEREAS, the Town advanced General funds to cover the formation and
implementation costs incurred by the Agency; and
WHEREAS, no other funds are available to cover these costs; and
WHEREAS, the Town and the Agency have entered into a cooperation agreement for
the loan of funds from the Town to the Agency.
NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN
OF TRUCKEE, as follows:
SECTION I. The implementation costs are found to be incurred for lawful purposes of
the Agency.
SECTION II. The expenditures are estimated to be $113,895 for the fiscal year ending
June 30, 2003.
SECTION III. The Town is advancing General Funds to the Agency in the amount of
$113,895 to cover the implementation costs and, the Agency is pledging future tax
increment to repay the advance. Such a pledge will be subordinate to any future
bonded indebtedness or other debt the Agency may incur.
SECTION IV. Repayment of the funds by the Agency will be from the tax increment as
it is available, and any unpaid balance from July 1, 1999, will accrue interest,
compounded quarterly, at 10% per year.
SECTION V. The principal and interest owed by the Agency to the Town is fully due
and payable in accordance with the cooperation agreement dated February 1, 1998.
The foregoing Resolution was introduced at a Regular Meeting of the Town Council of
the Town of Truckee, held on the 1st day of August, 2002, and adopted by the following
vote:
AYES: Councilmembers
Mayor Florian.
NOES: None.
ABSENT: None.
McCormack, Susman,
Schneider, Vice Mayor Owens, and
Ron Florian, Mayor
ATTEST:
~'~'tt Osbo~e, CMC, Town Clerk