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COMMUNITY REDEVELOPMENT AGENCY - CO-OP WITH CITY 1980
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COMMUNITY REDEVELOPMENT AGENCY - CO-OP WITH CITY 1980
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Last modified
1/3/2012 3:11:15 PM
Creation date
3/16/2006 12:10:56 PM
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Contracts
Company Name
Community Redevelopment Agency
Contract #
A-1980-92
Agency
Community Development
Council Approval Date
9/10/1980
Destruction Year
P
Notes
CO-OP AGMT WITH CITY 1980
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<br />... <br /> <br />:. <br /> <br />. <br /> <br />. <br /> <br />AGENCY at CITY'S actual direct and indirect cost <br />therefor. <br /> <br />III <br /> <br /> <br />FUNDS OF AGENCY <br /> <br /> <br />A. CITY may maintain an Administrative Fund in <br /> <br /> <br />- the Treasury of CITY, with the money appropriated paid to <br /> <br /> <br />: AGENCY as a loan to be repaid upon such terms and conditions <br /> <br /> <br />as the City Council of CITY may provide. In the event the <br /> <br /> <br />City Council of CITY does not appropriate money to the Ad- <br /> <br /> <br />ministrative Fund, the administrative expenses of AGENCY <br /> <br /> <br />shall be paid from tax increments, bonding, revolving, or <br /> <br /> <br />community development funds, or any other lawful source. <br /> <br /> <br />B. Funds appropriated by the City Council of CITY <br /> <br /> <br />to the Redevelopment project Fund shall be maintained in <br /> <br /> <br />such Fund in CITY'S Treasury. Such funds may be by grant or <br /> <br /> <br />loan to AGENCY. <br /> <br /> <br />C. AGENCY, at its discretion, may cause any bond <br /> <br /> <br />or note proceeds received to be deposited in any fund or <br /> <br /> <br />funds that it may create or designate as it deems appro- <br /> <br /> <br />priate, as authorized by Health and Safety Code Section <br /> <br /> <br />33654. <br /> <br />D. Loans under this Agreement shall commence on <br /> <br /> <br />the date such expenditures were or are made, and loan bal- <br /> <br /> <br />ances shall accrue as such additional loans are incurred. <br /> <br /> <br />AGENCY shall not be responsible for the repayment of any of <br /> <br /> <br />said loans until funds are available to AGENCY for such <br /> <br /> <br />purpose. Once funds become available from which AGENCY may <br /> <br /> <br />pay any debt accrued pursuant to this Agreement, then all <br /> <br /> <br />such debts theretofore accrued shall be paid in a time and <br /> <br /> <br />manner consistent with the needs of AGENCY. <br /> <br /> <br />E. A report of the unpaid balance on AGENCY'S <br /> <br /> <br />loans owed CITY shall be prepared on an annual basis, and <br /> <br />-4- <br /> <br />~'1 <br /> <br />5F <br />
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