HomeMy WebLinkAboutReso RDA 7-1993 RESOLUTION NO. 7-93
REDEVELOPMENT AGENCY OF THE CITY OF SOUTH SAN FRANCISCO
STATE OF CALIFORNIA
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF
THE CITY OF SOUTH SAN FRANCISCO RELATING TO
THE COUNTY EDUCATIONAL REVENUE AUGMENTATION
FUND AND BUDGET AMENDMENT 93-4 TO THE 1992-
1993 OPERATING BUDGET
WHEREAS, in adopting their fiscal 1993 budget, the State
mandated that $205 million in tax increment revenue be
redirected to education from redevelopment agencies' currently
unobligated funds; and
WHEREAS, the South San Francisco Redevelopment Agency's
share of this payment is estimated to be $337,722; and
WHEREAS, there are sufficient funds in the Shearwater and
Downtown/Central undesignated fund balance to cover the
Agency's share.
NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency
of the City of South Francisco as follows:
1. The Agency finds that a loan from the Housing Fund
balance is not necessary as sufficient funds to cover the
Agency's obligation exist in the undesignated fund balance of
the Shearwater and Downtown/Central Project area.
2. $170,000 is hereby appropriated from the Shearwater
project area and $207,722 from the Downtown/Central general
project area undesignated fund balances to pay the Agency's
Augmentation Fund obligation.
3. The Finance Director is hereby authorized and
directed to make the necessary transfers and take all necessary
steps to assure that the Agency's payment to the Augmentation
Fund is made in a timely fashion.
4. The Agency Clerk is hereby authorized to transmit
this Resolution to the County Auditor prior to March 1, 1993 to
fulfill the notification requirement.
I hereby certify that the foregoing Resolution was
regularly introduced and adopted by the Redevelopment Agency of
the City of South San Francisco at a re§u/ar meeting
held on the 24th day of February , 1993 by the
following vote.
AYES: Boardmembers Jack Drago, Joseph A. Fernekes, John R. Penna,
Robert Yee, and Chairwoman Roberta Cerri Teglia
NOES: None
ABSTAIN: None
ABSENT: None
ATTEST:
Redevelopment Agency of the