HomeMy WebLinkAboutResolution No. 92-R39RESOLUTION NO. 92-x39
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF
THE CITY OF AZUSA REQUESTING CHANGES TO PRIOR YEAR 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; and
WHEREAS, the Agency desires to re -allocate and re -define certain loans which
were approved and funded in prior years;
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 that the following
loans be revised as indicated:
ORIGINAL LOANS AND TERMS:
DATE RESOLN. INT.
LOAN AMOUNT APPRV'D NO. RATE TERM SOURCE
$ 140,000 6/25/91 91-R35 8% 48 Yrs. Tax Incre.-
Ranch Ctr.
REVISED LOANS AND TERMS:
DATE RESOLN. INT.
LOAN AMOUNT APPRV'D NO. RATE TERM SOURCE
$ 454,040 6/25/91 91-R35 8% 48 Yrs. Tax Incre.-
Ranch Ctr.
The loan listed herein is payable on or before June 30 of each year until paid in full. The
loan is 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. Notes may be prepaid at any
time without penalty.
Section 2. The Chairman of the Agency is hereby authorized and directed to execute,
on behalf of the Agency, the Revised Secured Note to the City of Azusa in accordance
with the provisions of Section 3 hereof.
PASSED AND ADOPTED this 15tMay of June 1992.
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
15th3ay of June , 1992.
AYES: DIRECTORS: DANGLEIS, MADRID, ALEXANDER, MOSES
NOES: DIRECTORS: NONE
ABSENT-: DIRECTORS: NARANJO
Secretary/D�puty Secretary
0 0
NOTE SECURED BY TAX INCREMENT
RANCH CENTER REDEVELOPMENT PROJECT
AZUSA, CALIFORNIA
REVISED JUNE 30, 1992
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 Fifty -Four Thousand and
Forty Dollars ($454,040.00) 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 available 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
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