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RESOLUTION NO. 75-22 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA AMENDING THE CITY BUDGET FOR THE FISCAL YEAR 1974-1975 BY APPROVING AN APPROPRIATION TRANSFER FROM THE CITY COUNCIL- REVENUE SHARING NO. 5-LAND FUND TO THE CITY COUNCIL-COMMUNITY REDEVELOPMENT AGENCY-LAND FUND AND DESIGNATING SAID AGENCY FUND AS A REVOLVING FUND FOR THE PURPOSE OF TRANSFERRING PREVIOUSLY DESIGNATED MONIES FOR PURCHASE OF THE SENIOR CITIZENS SITE BY THE COMMUNITY REDEVELOPMENT AGENCY WHEREAS, on January 6, 1975, the City Council amended the budget for the fiscal year 1974-1975 approving a transfer of $325,000 from Fund 404-117-631 ($275,000.00) and Fund 404- 117-911 ($50,000.00) to the City Council-Revenue Sharing No. 5 Fund - Land, No. 404-117-611 for the purpose of appropriating said funds for the acquisition of the Senior Citizens Housing Site; and WHEREAS, the City Council now desires to transfer said amount of $325,000 from Fund 404-117-611 to the City Council- Redevelopment Agency Fund Land, No. 109-134-611 for the purpose of expending said funds for the acquisition of a site for Senior Citizens Housing; and WHEREAS, the City Council desires to designate Fund 109-134 as a Redevelopment revolving fund; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Santa Ana as follows: 1. That the annual budget of the City of Santa Ana for the fiscal year 1974-1975 is hereby amended transferring $325,000 from City Council-Revenue Sharing No. 5-Land Fund, 404-117-611 to City Council-Redevelopment Agency-Land 109-134-611 to provide funds for the acquisition of the Senior Citizens Housing site by the Community Redevelopment Agency. 2. That City Council-Redevelopment Agency Fund No. 109- 134 is hereby designated as a Redevelopment revolving fund pursuant to Redevelopment Law, Division 24, Part 1, Chapter 6, Article III of the California Health and Safety Code. 3. That said budget amendment is hereby approved subject to the condition that the Community Redevelopment Agency of the City of Santa Ana will comply with Health and Safety Code Section 33624 of the Redevelopment Law, providing that all money received by the Redevelopment Agency from the sale, lease, or encumbering of the property acquired with the money from the Redevelopment re- volving fund in excess of the money required to repay the loans or interest thereon shall be re-deposited in the revolving fund. 4. That the Finance Director of the City of Santa Ana is hereby instructed to transfer said amount of $325,000 pursuant to the above described budget amendment to the Redevelopment Agency revolving fund as such monies are needed for the acquisition of properties and the assemblage of the Senior Citizens Housing site with the authorization of the City Manager.