Long Beach Municipal Code Ch. 3.24 Redevelopment Revolving Fund

Footnotes:

--- (3) ---

Cross reference— Provisions on the redevelopment revolving fund, see Health and Safety Code § 33620 et seq.

State Law reference— Provisions on the community redevelopment agency administrative fund, see Chapter 3.08 of this Title.

Pursuant to the California Redevelopment Law, there is created and established a special fund to be known as the redevelopment revolving fund.

(Ord. C-5366 § 1 (part), 1977: prior code § 2614)

For the purpose of raising money to be deposited in the redevelopment revolving fund, the City Council may appropriate money or the City may issue and sell its general obligation bonds. After an initial appropriation, any future appropriations made by the City Council shall be made a part of its annual budget process.

(Ord. C-5366 § 1 (part), 1977: prior code § 2614.1)

Any money in the redevelopment revolving fund may be paid to the Redevelopment Agency of the City upon such terms and conditions as the City Council may prescribe for use in any of the redevelopment projects within the City and for any of the following purposes:

A. Deposit in a trust fund to be expended for the acquisition of real property in a project area;

B. The clearance, aiding and relocation of site occupants and preparation of any project area for redevelopment;

C. Any expenses necessary or incidental to the carrying out of the redevelopment plan which has been adopted by the City Council.

(Ord. C-5366 § 1 (part), 1977: prior code § 2614.2)

For purposes of this Chapter, the Redevelopment Agency of the City shall maintain accurate and current records of expenditures within or for the benefit of each of its redevelopment projects. All money expended from this fund as specified in this Chapter shall be returned to the fund as soon as money becomes available to the Redevelopment Agency for such purposes as determined by the Redevelopment Agency of the City from tax increment funds, from the sale of tax allocation bonds or other funds which become available to the Redevelopment Agency. All money received by the agency from the sale, lease or encumbering of property acquired with money from this fund in excess of the money required to repay the loans and interest thereon authorized by this Chapter shall be redeposited in the fund and may thereafter be expended without further Council action in accordance with this Chapter and subject to such other terms and conditions as the City Council may hereafter prescribe.

(Ord. C-5366 § 1 (part), 1977: prior code § 2614.3)