80A - 2011 CRA BUDGET - Laserfiche WebLink

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4. Salary and benefits paid to City employees who devote full-time or part-time to Agency activities, shall be reimbursed to City in amounts equal to the gross salary for each employee for hours worked, plus amounts equal to the costs to City of the employee's benefits for such hours worked. Salary and wage projections shall be provided to Agency on an annual basis, identical to the manner in which similar information is provided to City departments. 5. The costs of all other services and facilities of City which are used in whole or in part by Agency, shall be reimbursed to City by Agency at City's actual direct and indirect cost therefor. 6. If the City and Agency so authorize, the City may incur costs for public improvements in the Project Area on behalf of the Agency. These costs shall become a debt of the Agency and shall be reimbursable as provided herein. III. FUNDS OF AGENCY A. City may maintain an Administrative fund in the Treasury of City, with the money appropriated paid to Agency as a loan to be repaid upon such terms and conditions as the City Council of City may provide. In the event the City Council of City does not appropriate money to the administrative fund, the administrative expenses of Agency shall be paid from tax icrements, bonding, revolving, or community development funds, or any other lawful source. B. Funds appropriated by the City Council of City to the Redevelopment Project Fund(s) shall be maintained in such Fund(s) in City's Treasury. Such funds may be grant or loan to Agency. C. Agency, at its discretion, may cause any bond or note proceeds received to be deposited in any fund or funds that it may create or designate, as it deems appropriate, as authorized by Health and Safety Code Section 33654. D. Loans under this Agreement shall commence on July 1St or on the date such expenditures were or are made, and loan balances shall accrue as such additional loans are incurred. Agency shall not be responsible for the repayment of any of said loans until funds are available to Agency for such purpose. Once funds become available from which Agency may pay any debt accrued pursuant to this Agreement, then all such debts therefore accrued shall be paid in a time and manner consistent with the needs of Agency. Agency may, at its discretion, prepay any part of the Indebtedness any anytime without penalty. E. Each repayment or reimbursement obligation of the Agency pursuant to this Agreement shall bear interest based on the average interest earned on the City's investment pool. 3 80A-5