HomeMy WebLinkAboutResolution No. 92-R37RESOLUTION NO. 92-R37
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
for the Merged Redevelopment Project, as of June 30, 1992,
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
$ 490,850 8% 1 Yr. General Fund Tax Increment
The loan listed herein is payable on or before June 30 of the term year due. The Note
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 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.
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PASSED AND ADOPTED this 1St }day of June 1992.
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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
15thday of June , 1992.
AYES: DIRECTORS: DANGLEIS, MADIRD, ALEXANDER, MOSES
NOES: DIRECTORS: NONE
ABSENT: _ n DIRECTORS: NARANJO
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 Ninety Thousand Eight Hundred and
Fifty Dollars ($490,850) with interest thereon from the date of June 30, 1992, at the rate
of eight (8%) percent per annum, principal and interest payable in one installment due
June 30, 1993 as provided herein. The Note is payable from available tax increment and
20% set-aside revenues allocated to and received by the Agency for the Merged
Redevelopment Project Area. 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, 1993, 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
ADMINISTRATION
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