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TOWN OF TRUCKEE <br />California <br /> <br />RESOLUTION NO. 2002-43 <br /> <br />A RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF TRUCKEE <br />AUTHORIZING THE ADVANCE OF FUNDS TO THE TRUCKEE REDEVELOPMENT <br />AGENCY FOR FISCAL YEAR 2002103 <br /> <br />WHEREAS, the Town of Truckee ("Town") adopted the Truckee Redevelopment <br />Agency ("Agency") Project Area on January 22, 1998; and <br /> <br />WHEREAS, the Town adopted the Agency Redevelopment Plan on October 15, 1998; <br />and <br /> <br />WHEREAS, costs have been incurred by the Agency for implementation of the <br />Redevelopment Plan; and <br /> <br />WHEREAS, the Town advanced General funds to cover the formation and <br />implementation costs incurred by the Agency; and <br /> <br />WHEREAS, no other funds are available to cover these costs; and <br /> <br />WHEREAS, the Town and the Agency have entered into a cooperation agreement for <br />the loan of funds from the Town to the Agency. <br /> <br />NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN <br />OF TRUCKEE, as follows: <br /> <br />SECTION I. The implementation costs are found to be incurred for lawful purposes of <br />the Agency. <br /> <br />SECTION II. The expenditures are estimated to be $113,895 for the fiscal year ending <br />June 30, 2003. <br /> <br />SECTION III. The Town is advancing General Funds to the Agency in the amount of <br />$113,895 to cover the implementation costs and, the Agency is pledging future tax <br />increment to repay the advance. Such a pledge will be subordinate to any future <br />bonded indebtedness or other debt the Agency may incur. <br /> <br />SECTION IV. Repayment of the funds by the Agency will be from the tax increment as <br />it is available, and any unpaid balance from July 1, 1999, will accrue interest, <br />compounded quarterly, at 10% per year. <br /> <br />SECTION V. The principal and interest owed by the Agency to the Town is fully due <br />and payable in accordance with the cooperation agreement dated February 1, 1998. <br /> <br /> <br />