HomeMy WebLinkAboutRDA 77-17 1
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RESOLUTION NO. RDA 77-1'7
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE
CITY OF TUSTIN ADOPTING THE AGENCY BUDGET AND
APPROPRIATING REVENUE FOR THE FISCAL YEAR 1977-78
W~ERE,%S, the [~t¥' ,dmJnistrator has: prepared and ?ubmitted to
~ke Redevelopment ..%genc:.' a proposed annual budqet for the 1977-78 fi~,.~cal
5'ear, beqinn[nq ,~ul¥ 1, 197'?, and
WIIER'.:'~S, the RedeYelopment Agency has re¥ie,ved thJ~. proposed
budget; and
WHi.:RE.'~S, the Rede',,elopment .Aqenc.. has determ~nc~d tkat it Js
neces,~,ar%' for the efficJent management oi' the '~gcnc¥ t?:at terra.in ~ums of
reYenue of the '~qenc'~' be approprkated to the Yarious act-~,.ities of the
%(~ e. nc'/:
NOW, TI[ERi~I.'OR!~, [.he Redevelop. nent ,\gcncy of the City o~. Tustin
doe~.; hereby renol%.e, deter~r~ine and order as follows:
~E~,T1ON ]: Redevc..lopment Agency revenues are est.imated to be
$35.',),000 ['rom property tax incremen[al sources. The proceeds are to be
u.~:ed as fol]o.vs:
Repay loan from General 3'und in prior
finical '/ear
Operational Expense~
Capital 'Improvement%
$ 7,000
26,000
317,000
$350,000
Section 2: The Rede~elopmen~ Igency ,~J].l accept a $300,000
loan from the CJtv Genera] Fund (~.ffectiYe July 1, 1977, in order to
commence ils ~arious progra:r.,~: and project: whit?: shall be ~epaid gith
seven (7) oerccnt ~nterest us tax increment £und.~! are re(;ei,,.ed by the
',gency. Th(; Agent'/ '..:ill. completely repay the loan prior to %he end of
the [i.~cal year on dune 3.,'), 197[~.
P."~SSED ..%~K) ADOPTEr) at a regular meet~..ng of tile Tustin RedeYelop-
ment Aqenc¥' ho].d on the 18th day of July, 1977.
ATTEST:
C~AIRMAN F
C.~Y CLI.'.RK
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SO
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STATE 0[" CALI: IA)
COUNTY OF O~'~NG~.~ ) SS
CITY OF TUSTIN)
RIJTH C. POll, C.it'..' C].erk and Secretary Clerk of the Community
Redeuelopment Agency of the CJt of Tustin does hereb, certify
that the w~.o]e numbers of the member,,: of the City Counc]l as the
Com.mun~[~.v R(:development Aqonc~, is fJ\.'e; ~hat the abo%e and foregoing
Resolution No. RDA 77-17 v;as duly and reqularly introduced,
read, pas?ed and adopted b', the City Council as the Community
~,edaYelopmen? \gency held on t~.ie 18th day of ;uly , ]977.
by the following vote:
AY I';S:
?,{embers: SHARP, WELSH, ?.DGAR, S.:'~LTARELL1
NOES: Mem'oer~:: NONE
\BSENT: Member::: SCHUSTER
ABSTAINED: Members:
'>
Rutk C. Poe, CJt,f Y~erk and Secretary/Clerk
Of the~i%~deYelopment A~ency