HomeMy WebLinkAboutRDA ADOPTING BUDGET 8-4-80REDEVELOPMENT AGENCY
NO. 4, 8-4-80
RESOLUTION NO. RDA 80-4
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A RESOLUTION OF THE TUSTIN COMMUNITY REDEVELOPMENT
AGENCY OF THE CITY OF TUSTIN, CALIFORNIA ADOPTING
THE ANNUAL BUDGET AND APPROPRIATING REVENUE OF THE
AGENCY FOR THE FISCAL YEAR 1980-81.
WHEREAS, the Executive D~ector has prepared and submitted to the members of
the Tustin Community Redevelopment Agency a proposed annual budget for the
1980-81 fiscal year, beginning July 1, 1980; and
WHEREAS, the Tustin Community Redevelopment Agency has reviewed this proposed
budget; and
WHEREAS, the Tustin Community Redevelopment Agency has determined that certain
sums of revenue of the agency be appropriated to the activities and projects of
the agency;
NOW, THEREFORE, the Tustin Community Redevelopment Agency does hergby resolve,
determine and order as follows:
The proceeds of property tax incremental revenue estimated to be
$704,550 and the carry-over fund balance are to be used as follows:
Operational Expenses $ 220,751 c~---
Capital Improvement $ 1,077,300 ~% ~3~--aD
If incremental property tax revenue and carry-over fund balance
are insufficient to fund the above appropriations,the agency is
authorized to borrow up to $1,125,000 from the City of Tustin
General Fund as needed in order to commence its various programs
and projects. Said loan is to be fully repaid by the agency prior
to June 30, 1984 with interest at 8% per annum.
PASSED and ADOPTED at a regular meeting of the Tustin Community Redevelopment
Agency of the City of Tustin, California held on the 4th day of August, 1980.
CHAIRMAN
RECORDING SECRETARY
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