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TOWN OF TRUCKEE <br /> California <br /> <br /> RESOLUTION NO. 2002-15 <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 2001/02 <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, <br />1998; 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 <br />agreement for the loan of funds from the Town to the Agency. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE <br />TOWN OF TRUCKEE, as follows: <br /> <br /> SECTION I. The implementation costs are found to be incurred for lawful <br />purposes of the Agency. <br /> <br /> SECTION II. The expenditures are estimated to be $107,380 for the fiscal year <br />ending June 30, 2002. <br /> <br /> SECTION III. The Town is advancing General Funds to the Agency in the <br />amount of $107,380 to cover the implementation costs and, the Agency is pledging <br />future tax increment to repay the advance. Such a pledge will be subordinate to any <br />future 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 <br />increment as it is available, and any unpaid balance from July 1, 1999, will accrue <br />interest, compounded quarterly, at 10% per year. <br /> <br /> <br />