HomeMy WebLinkAbout1976-07-06; City Council; Resolution 39581
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EXHIBIT 5
RESOLUTION NO. 3958
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF CARLSBAD, CALIFORNIA APPROVING
THE APPROPRIATION OF FUNDS AS A LOAN TO
THE CARLSBAD REDEVELOPMENT AGENCY THROUGH
THE REDEVELOPMENT AGENCY ADMINISTRATIVE
FUND FROM THE UNAPPROPRIATED BALANCE IN THE GENERAL FUND.
Pursuant to the California Community Redevelopment 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.
NOW, THEREFORE, BE IT RESOLVED by the Carlsbad City Council
as follows:
1. The sum of $5,000 is hereby appropriated as a loan to
the Carlsbad Redevelopment Agency from the Unappropriated Balance,
General Fund to a special fund hereby established as the Redevelop- ment Agency Administrative Fund. The Redevelopment Agency
Administrative Fund shall be used for administrative expenses and overhead of the Agency. In addition to the common understanding
and usual interpretation of the term, "administrative expense"
includes, but is not limited to, expenses of redevelopment planning and dissemination 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 Redevelap
ment 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 Admin- istrative 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 warrant approved by the City Council,
4. The sum appropriated is to be paid to the Agency as a loan to be repaid as follows:
a. Simple interest shall accrue until paid at the rate
of 8% per annum from the time amounts are paid to
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the Agency for deposit into the Operating Fund.
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,
monies advanced to, or indebtedness incurred by
the Agency.
If no funds become available for such purpose, then
the money appropriated and accrued interest need not be repaid.
5. The Agency shall file a detailed report of all its
transactions, including a statement of all revenues and expendi-
tures at annual intervals on or before September 30, as of each
year ending June 30.
PASSED, APPROVED, AND ADOPTED at a regular meeting of the
day of City Council of the City of Carlsbad held on the 6th
July , 1976, by the following vote, to wit:
AYES: Councilmen Frazee, Lewis, Packard, Skotnicki and
NOES : None Councilwoman Casler
ABSENT: None
ROBERT YMcd*- C. FRAZEE, May
ATTEST :
(SEAL)
2.