HomeMy WebLinkAboutResolution No. 91-R350 0
RESOLUTION NO. 91-R35
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, et. 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, 1991.
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 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
LOAN AMOUNT RATE TERM BORROW FROM SOURCES
$ 140,000
$ 30,000
(a)
8% 48 Yrs.
8% 1 Yr.
General Fund
General Fund
Tax Increment
Tax Increment
Payable on or before June 30 of the term year due.
(b) 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 of the Agency is hereby authorized
and directed to execute, on behalf of the Agency, the Secured
Notes to the City of Azusa in accordance with the provisions of
Section 3 hereof.
PASSED AND ADOPTED this _2541,, day of T.,.
� 4.9, 1991.
r
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 25th day of June
1991.
AYES:
NOES:
Secretary/Dq'puty
DIRECTORS:DANGLEIS,
DIRECTORS: NONE
4RECTORS:NONE
STEMRICH, NARANJO, ALEXANDER, MOSES
0 0
NOTE SECURED BY TAX INCREMENT
RANCH CENTER REDEVELOPMENT PROJECT
AZUSA, CALIFORNIA
For value received, the undersigned Agency promises to pay the
City of Azusa General Fund, on order at Azusa, California, the
sum of One Hundred Forty Thousand Dollars ($140,000.00) with
interest thereon from the date of June 30, 1991, at the rate of
eight percent (8%) per annum, principal and interest due and
payable in one installment on June 30, 2039. The Note is payable
from accumulated tax increment revenue allocated, received, and
retained by the Agency for the Ranch Center Redevelopment Project
Area, less any required set -asides for low -and -moderate -income
housing. Other resources available to the Agency may also be
used to discharge the debt in accordance with applicable law.
The term of the note shall be forty-eight (48) years, due in full
by June 30, 2039, unless extended by holder of note. The Agency
may prepay the Note at any time without penalty.
This note is issued in connection with the provision of funds to
establish a Redevelopment Revolving Fund to finance redevelopment
activities of the Ranch Center Redevelopment Project Area. This
note is issued under the authority and pursuant to the Community
Redevelopment Law, commencing with Section 33000 of the Health
and Safety Code of the State of California, as amended.
All unpaid interest shall accrue and be added to the outstanding
principal balance. 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
RANCH CENTER PROJECT
:nranch
1]
NOTE SECURED BY TAX INCREMENT
RANCH CENTER REDEVELOPMENT PROJECT
AZUSA, CALIFORNIA
For value received, the undersigned Agency promises to pay the
City of Azusa General Fund, on order at Azusa, California, the
sum of Thirty Thousand Dollars ($30,000.00) with interest thereon
from the date of June 30, 1991, at the rate of eight percent (8%)
per annum, principal and interest due and payable in one
installment on June 30, 1992. The Note is payable from
accumulated tax increment revenue allocated, received, and
retained by the Agency for the Ranch Center Redevelopment Project
Area, less any required set -asides for low -and -moderate -income
housing. Other resources available to the Agency may also be
used to discharge the debt in accordance with applicable law.
The term of the note shall be one (1) year, due in full by June
30, 1992, unless extended by holder of note. The Agency may
prepay the Note at any time without penalty.
This note is issued in connection with the provision of funds to
establish a Redevelopment Revolving Fund to finance redevelopment
activities of the Ranch Center Redevelopment Project Area. This
note is issued under the authority and pursuant to the Community
Redevelopment Law, commencing with Section 33000 of the Health
and Safety Code of the State of California, as amended.
All unpaid interest shall accrue and be added to the outstanding
principal balance. 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
RANCH CENTER PROJECT
:cpranch