HomeMy WebLinkAboutResolution No. 369RESOLUTION NO. 369
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF
THE CITY OF AZUSA REQUESTING AN ADVANCE FROM
THE CITY OF AZUSA FROM THE GENERAL FUND FOR
PURPOSES OF THE WEST END DISTRICT
REDEVELOPMENT PROJECT
WHEREAS, the Redevelopment Agency of the City of Azusa is
undertaking certain actions which are necessary and incidental to
the carrying out of the Redevelopment Plan which has previously
been adopted by the City of Azusa; and
WHEREAS, the Agency has incurred and will continue to incur
obligations for such purpose; and
WHEREAS, the City of Azusa is authorized, pursuant to
Section 33260, et. seq., of the Health and Safety Code of the
State of California to make a loan to the Agency from the General
Fund for the purposes of defraying said expenses;
NOW, THEREFORE, BE IT RESOLVED by the members of the
Redevelopment Agency of the City of Azusa that:
Section 1. Pursuant to the provisions of said Section
33620, et. seq., of the Health and Safety Code, the Agency hereby
requests of the City of Azusa a loan from the General Fund in the
amount of $159,370, pending budget approval for West End District
as of June 30, 1987.
Section 2. The Agency pledges to accept and administer
any funds loaned to it pursuant to this request in accordance
with the provisions of Section 33620, et. seq., of the Health and
Safety Code.
Section 3. The Agency requests that the City Council of
the City of Azusa require that such loan be evidenced by a
promissory note of the Agency containing the following terms, in
addition to all usual and customary terms:
(a)
Interest at
the rate
of eight
(8) percent per annum.
(b)
Payable on
or before
June 30,
1988.
(c) Payable from accumulated tax increment funds in excess
of those pledged for payment of Agency bonded
indebtedness, or from any other funds available to the
Agency from which such payment may legally be made.
Section 4. The Chairman and Secretary of the Agency are
hereby authorized and directed to execute, on behalf of the
Agency, a promissory note to the City of Azusa in accordance
with the provisions of Section 3 hereof.
PASSED AND ADOPTED this 15th day of June , 1987.
I HEREBY CERTIFY that the foregoing resolution was duly
adopted by the City of Azusa at a regular meeting thereof, held
on the 15th day of June , 1987.
AYES: BOARDMEMBERS:
NOES: BOARDMEMBERS:
ABSENT: BOARDMEMBERS:
COOK, CRUZ, LATTA, MOSES
NONE
AVILA
PROMISSORY NOTE
AZUSA, CALIFORNIA
June 30, 1987
On or before June 30, 1988, for value received, the undersigned
Agency promises to pay to the City of Azusa, on order at Azusa,
California the sum of $159,370.00, pending budget approval with
interest thereon from the executed date herein, at the rate of
eight (8) percent per annum, interest payable at maturity with
principal.
REFERENCE: The West End District Redevelopment Project
Should default be made in payment of interest when due the whole
sum of principal and interest shall become immediately due at the
option of the holder of this note. Principal and interest
payable in lawful money of the United States. If action be
instituted on this note, the undersigned Agency promises to pay
such sum as the Court may fix as attorney's fees.
REDEVELOPMENT AGENCY OF THE
CITY OF AZUSA
RRJ/tmb