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HomeMy WebLinkAboutResolution No. 93-R29RESOLUTION NO. 93=R29 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, 1993. 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 $ 446,130 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 Note to the City of Azusa in accordance with the provisions of Section 3 hereof. 1 PASSED AND ADOPTED this21stday of June , 1993. i 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 21sday of June , 1993. AYES: BOARDMEMBERS: DANGLEIS, MADRID, NARANJO, MOSES NOES: BOARDMEMBERS: NONE ABSENT: BOARDMEMBERS: ALEXANDER Secretar7/'Deputy Secreta 0 . NOTE SECURED BY TAX INCREMENT MERGED REDEVELOPMENT PROJECT AREA AZUSA, CALIFORNIA JUNE 30, 1993 For value received, the undersigned Agency promises to pay the City of Azusa, on order at Azusa, California, the sum of Four Hundred Forty -Six Thousand One Hundred and Thirty Dollars ($446,130) with interest thereon from the date of June 30, 1993, 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, 1994, 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 :admergland b