HomeMy Public PortalAbout39 Funds to Redevelopment Agency TOWN OF TRUCKEE
California
RESOLUTION NO, 2005-39
A RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF TRUCKEE AUTHORIZING
THE ADVANCE OF FUNDS FROM THE GENERAL FUND TO THE TOWN OF TRUCKEE
REDEVELOPMENT AGENCY
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 Town is advancing General Funds to the Agency in the amount of
$1,500,000 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 III. Repayment of the funds by the Agency will be from the tax increment as it
is available, and any unpaid balance will accrue interest, compounded quarterly, at 8% per year.
SECTION IV. 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 18th day of August, 2005 by Council Member Green, who
moved its adoption, which motion being duly seconded by Council Member Anderson, was
carried and the Resolution adopted by the following vote:
AYES: Council Members; Green, Anderson, Susman, Vice Mayor Ingalls, ~nd Mayor
Threshie.
NOES: None
ABSENT: None
ATTEST:
Judy Price, Town ,Clerk