HomeMy WebLinkAboutResolution No. 92-R38C�
RESOLUTION NO. 92-R38
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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 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; 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:
REVISED LOANS AND TERMS:
DATE
RESOLN.
INT.
LOAN AMOUNT
APPRV'D
NO.
RATE TERM
SOURCE
$2,300,000
7/01/91
$2,300,000
7/1/91
91-R41
Variable 5 Yr.
Tax Incre.-
20% Set
CBD, Land
Aside Fund
$ 135,740
Sales
$ 449,780
6/25/91
91-R34
8% 33 Yrs.
Tax Incre.-
CBD
CBD
REVISED LOANS AND TERMS:
DATE
RESOLN.
INT.
LOAN AMOUNT
APPRV'D
NO.
RATE
TERM SOURCE
$2,300,000
7/01/91
91-R41
9%
10 Yrs. Tax Incre.-
20% Set
Aside Fund
$ 135,740
6/25/91
91-R34
8%
33 Yrs. Tax Incre.-
CBD
0
The loans listed herein are payable on or before June 30 of each year until paid in full.
The loans 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. 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 Notes to the City of Azusa in accordance
with the provisions of Section 3 hereof.
PASSED AND ADOPTED this 15thday of June 1992.
M1 71!Z
I / 1 L!. '
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
15tdiay of June 1992.
AYES: DIRECTORS: DANGLEIS, MADRID, ALEXANDER, MOSES
NOES: DIRECTORS: NONE
ABSE�IT; DIRECTORS: NARANJO
Secretary/ eputy Secretary
0
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NOTE SECURED BY 20% SET-ASIDE FUNDS, TAX INCREMENT AND LAND
MERGED REDEVELOPMENT PROJECT AREA
AZUSA, CALIFORNIA
REVISED JUNE 30, 1992
For value received, the undersigned Agency promises to pay to the City of Azusa Light
and Water Department, on order at Azusa, California, the sum of Two Million Three
Hundred Thousand Dollars ($2,300,000) with interest at the rate of nine (9%) percent.
Interest is payable annually on June 30, beginning June 30, 1992. The Note is secured
by the land already acquired with the note proceeds for the Casden Site Repossession
Project. The principal balance is to be paid in annual installments on June 30, with the
last installment due and payable on or before June 30, 2001. Any land sale proceeds
shall be applied to the principal of the Note. The Note is also payable from pledged tax
increment and 20% set-aside low -to -moderate income housing fund revenues allocated
to and received by the Agency for the Merged Redevelopment Project Area, and/or any
other available source of revenue. The Note may be prepaid at any time without
penalty. This Note is effective June 30, 1991.
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
CASDEN SITE REPOSSESSION PROJECT
0 0
NOTE SECURED BY TAX INCREMENT
MERGED REDEVELOPMENT PROJECT AREA
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 One Hundred Thirty -Five Thousand
Seven Hundred Forty Dollars ($135,740.00) 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
available 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, and is a subordinate debt. 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 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
MERGED (CBD) CAPITAL PROJECT
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