HomeMy WebLinkAboutResolution No. 5880 4
NO. 588
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF
THE CITY OF AZUSA REQUESTING LOANS FROM THE CITY OF AZUSA FOR
PURPOSES OF THE RANCH CENTER REDEVELOPMENT PROJECT AREA
WHEREAS, the Redevelopment Agency of the City of Azusa
("Agency") 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 loans to the Agency for the purposes
of defraying said expenses;
NOW, THEREFORE, BE IT RESOLVED by the Directors of the
Redevelopment Agency of the City of Azusa that:
Section 1. Pursuant to the provisions of said Section
33620, at. seq., of the Health and Safety Code, the Agency hereby
requests of the City of Azusa the following loan, pending budget
approval, for the Ranch Center Redevelopment Project, as of June
30, 1989.
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, at. seq., of the Health and
Safety Code.
Section 3. The Agency requests that the City Council of the
City of Azusa require that the following loan be evidenced by a
secured note of the Agency containing the following terms, in
addition to all usual and customary terms:
INT. PLEDGED REVENUE
IRAN AMOUNT RATE TERM BORROW FROM SOURCES
$ 500,000 9% 25 Yrs. Light Fund Tax Increment
(a) Payable on or before June 30 of term year due.
(b) Payable from a priority pledge of ninety-five percent
(95%) of the tax increment revenue allocated, received,
and retained by the Agency, less any required set -
asides for low -and -moderate -income housing 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 of the Agency is hereby authorized
and directed to execute, on behalf of the Agency, the Secured
Note to the City of Azusa in accordance with the provisions of
Section 3 hereof.
PASSED AND ADOPTED this nth day of June , 1989.
II .
r 0
I HEREBY CERTIFY that the foregoing resolution was duly
adopted by the Redevelopment Agency of the City of Azusa at a
regular meeting thereof, held on the 29th day of June
1989.
AYES: DIRECTORS:
NOES: DIRECTORS:
AVILA, STEMRICH, LATTA, MOSES
NONE
NARANJO