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COMMUNITY REDEVELOPMENT AGENCY (28) - 2010
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COMMUNITY REDEVELOPMENT AGENCY (28) - 2010
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Last modified
1/3/2012 3:11:27 PM
Creation date
7/27/2010 10:58:18 AM
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Contracts
Company Name
COMMUNITY REDEVELOPMENT AGENCY
Contract #
A-2010-094
Agency
COMMUNITY DEVELOPMENT
Council Approval Date
6/21/2010
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4. Salary and benefits paid to City employees who devote full-time or part-time to <br />Agency activities, shall be reimbursed to City in amounts equal to the gross salary for each <br />employee for hours worked, plus amounts equal to the costs to City of the employee's benefits for <br />such hours worked. Salary and wage projections shall be provided to Agency on an annual basis, <br />identical to the manner in which similar information is provided to City departments. <br />5. The costs of all other services and facilities of City which are used in whole or in <br />part by Agency, shall be reimbursed to City by Agency at City's actual direct and indirect cost <br />therefor. <br />6. If the City and Agency so authorize, the City may incur costs for public <br />improvements in the Project Area on behalf of the Agency. These costs shall become a debt of the <br />Agency and shall be reimbursable as provided herein. <br />III. <br />FUNDS OF AGENCY <br />A. City may maintain an Administrative fund in the Treasury of City, with the money <br />appropriated paid to Agency as a loan to be repaid upon such terms and conditions as the <br />City Council of City may provide. In the event the City Council of City does not <br />appropriate money to the administrative fund, the administrative expenses of Agency shall <br />be paid from tax icrements, bonding, revolving, or community development funds, or any <br />other lawful source. <br />B. Funds appropriated by the City Council of City to the Redevelopment Project Fund(s) shall <br />be maintained in such Fund(s) in City's Treasury. Such funds may be grant or loan to <br />Agency. <br />C. Agency, at its discretion, may cause any bond or note proceeds received to be deposited in <br />any fund or funds that it may create or designate, as it deems appropriate, as authorized by <br />Health and Safety Code Section 33654. <br />D. Loans under this Agreement shall commence on July I" or on the date such <br />expenditures were or are made, and loan balances shall accrue as such additional loans are <br />incurred. Agency shall not be responsible for the repayment of any of said loans until funds <br />are available to Agency for such purpose. Once funds become available from which <br />Agency may pay any debt accrued pursuant to this Agreement, then all such debts therefore <br />accrued shall be paid in a time and manner consistent with the needs of Agency. Agency <br />may, at its discretion, prepay any part of the Indebtedness any anytime without penalty. <br />E. Each repayment or reimbursement obligation of the Agency pursuant to this Agreement <br />shall bear interest based on the average interest earned on the City's investment pool.
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