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HomeMy WebLinkAboutResolution No. 91-R34RESOLUTION NO. 91-R34 A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF AZUSA REQUESTING LOANS FROM THE CITY OF AZUSA FOR PURPOSES OF THE MERGED 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 loans, pending budget approval, for the Merged 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 each of the following loans 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 $ 450,000 $ 500,000 $ 449,780 Varies(b) 5 Yr.(a) Light Fund Varies(b) 5 Yr.(a) Light Fund M0 $2,528,720 8% 33 Yrs 1 Yr. General Fund General Fund Tax Increment, Land Sales Tax Increment, Tax Increment Tax Increment, Land Sales $ 405,990 8% 1 Yr. General Fund Tax Increment (a) For the five-year loans, interest payments shall be made annually on or before May 31st of each year. (b) For the five-year loans, interest rate for the May 31st payment shall be the higher of 8% or the Local Agency Investment Fund (LAIF) rate in effect on March 31st of the payment year. Interest rate shall not exceed the maximum rate permitted by Section 53531 of the Government Code (12% as of this date). (c) All other loans listed herein are payable on or before June 30 of term year due. (d) Land sale proceeds from the sale of the property shall be applied to the principal of the Note. The remaining unpaid principal balance shall be payable as indicated above. 0 1] (e) Notes are also 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. (f) Notes may be prepaid at any time without penalty. 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 25th day of i I HEREBY CERTIFY that the foregoing adopted by the Redevelopment Agency of the regular meeting thereof, held on the 25th 1991. AYES: NOES: Secretary June , 1991. resolution was City of Azusa day of June duly at a DIRECTORS: DANGLEIS, STEMRICH, NARANJO, ALEXANDER, MOSES DIRECTORS: NONE DIRECT6RS:NONE NOTE SECURED BY TAX INCREMENT MERGED REDEVELOPMENT PROJECT AREA AZUSA, CALIFORNIA For value received, the undersigned Agency promises to pay the City of Azusa, on order at Azusa, California, the sum of Four Hundred Five Thousand Nine Hundred and Ninety Dollars ($405,990) with interest thereon from the date of June 30, 1991, at the rate of eight (8$) percent per annum, principal and interest payable in one installment due June 30, 1992 as provided herein. The Note is payable from tax increment revenue allocated to and received by the Agency for the Merged 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. This note is issued in connection with the provision of funds to establish a Redevelopment Revolving Fund to finance redevelopment activities of the Merged 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. Each payment shall be credited first to interest due and the remainder to principal; and interest shall thereupon cease upon the principal so credited. Any unpaid interest shall accrue and be added to the outstanding principal balance. 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, unless extended by said holder. 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 By: �Iy1 hairman ADMINISTRATION :admergland 0 9 NOTE SECURED BY TAX INCREMENT AND LAND TO BE ACQUIRED MERGED REDEVELOPMENT PROJECT AREA 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 Two Million Five Hundred Twenty -Eight Thousand Seven Hundred Twenty Dollars ($2,528,720) with interest thereon from the date of June 30, 1991, at the rate of eight (8%) percent per annum, principal and interest payable on or before June 30, 1991, as provided herein. The Note is payable from tax increment revenue allocated to and received by the Agency for the Merged Redevelopment Project Area, less any required set -asides for low - and -moderate -income housing. This Note is also secured by land to be acquired with the note proceeds. 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. This note is issued in connection with the provision of funds to establish a Redevelopment Revolving Fund to finance redevelopment activities of the Merged 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. Each payment shall be credited first to interest due and the remainder to principal; and interest shall thereupon cease upon the principal so credited. Any unpaid interest shall accrue and be added to the outstanding principal balance. 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, unless extended by said holder. 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 .0/�. / /� CVairman MERGED CAPITAL PROJECTS :cpmergland NOTE SECURED BY TAX INCREMENT MERGED REDEVELOPMENT PROJECT AREA 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 Four Hundred Forty -Nine Thousand Seven Hundred Eighty Dollars ($449,780.00) 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, 2024. The Note is payable from accumulated tax increment revenue allocated, received, and retained by the Agency for the Merged 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 thirty-three (33) years, due in full by June 30, 2024, 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 Merged Redevelopment Project Area. This note is issued under the authority and pursuant to the Community Redevelopment Law, commencing with Section 33000 of they 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 MERGED (CSD) CAPITAL PROJECT :apmergland 0 NOTE SECURED BY TAR INCREMENT MERGED REDEVELOPMENT PROJECT AREA AZUSA, CALIFORNIA For value received, the undersigned Agency promises to pay the City of Azusa Light Department, on order at Azusa, California, the sum of Five Hundred Thousand Dollars ($500,000.00) with interest thereon from the date of June 30, 1991, principal and interest payable in varying installments due on or before May 31 of each year beginning May 31, 1992 as provided herein. Interest rate for the May 31 payment shall be the higher of 8% or the Local Agency Investment Fund (LAIF) rate in effect on March 31 of the payment year. Interest rate shall not exceed the maximum rate permitted by Section 53531 of the Government Code (12% as of this date). The Note is payable from tax increment revenues allocated to and received by the Agency for the Merged 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 five (5) years, due in full by May 31, 1996, unless extended by holder of note. This note is issued in connection with the provision of funds to establish a Redevelopment Revolving Fund to finance redevelopment activities of the Merged 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. Each payment shall be credited first to principal due and the remainder to interest; and interest shall thereupon cease upon the principal so credited. Any unpaid interest shall accrue and be added to outstanding principal balance. 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, unless extended by said holder. 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 By: C1,airman PRICE CLUB PROJECT :pcnote 0 NOTE SECURED BY TAX INCREMENT AND LAND TO BE ACQUIRED MERGED REDEVELOPMENT PROJECT AREA AZUSA, CALIFORNIA For value received, the undersigned Agency promises to pay to the City of Azusa Light Department, on order at Azusa, California, the sum of Four Hundred Fifty Thousand Dollars ($450,000) with interest at the rate of the higher of eight (8%) percent or the Local Agency Investment Agreement (LAIF) rate in effect as of March 31 of the payment year, not to exceed the maximum rate permitted by Section 53531 of the Government Code. Interest is payable annually on May 31, beginning May 31, 1992. The Note is secured by land acquired at 116 N. Azusa for the Restaurant Development Project. Land sale proceeds shall be applied to the principal of the Note, with the remaining unpaid principal balance to be paid in annual installments on May 31, with the last installment due and payable on or before May 31, 1996. The Note is also payable from pledged tax increment revenue allocated to and received by the Agency for the Merged Redevelopment Project Area, less any required set -asides for low -and -moderate - income housing, and/or any other available source of revenue. The Note may be prepaid at any time without penalty. This note is issued in connection with the provision of funds to finance redevelopment activities of the Merged 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. REFERENCE: The Merged Redevelopment Project Each payment shall be credited first to principal due and the remainder to interest; and interest shall thereupon cease upon the principal so credited. Any unpaid interest shall accrue and be added to the outstanding principal balance. 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, unless extended by said holder. 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 Cgiirman RESTAURANT DEVELOPMENT -116 N. AZUSA :aszmergland