HomeMy WebLinkAboutResolution No. 94-R380 0
RESOLUTION NO. 94-R38
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF
THE CITY OF AZUSA REQUESTING 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;
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 Ranch Center Redevelopment Project, as of June 30,1994.
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
$ 485,000 6% 30 Yrs. Light Fund Developer Payments,
Tax Increment
The loan listed herein is payable on or before June 30 of the term year due. The Note is
payable from developer payments, and may also be paid 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.
PASSED AND ADOPTED this 18th day of July 1994.
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Chairman
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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 thel8th
day of July 11994.
AYES: BOARDMEMBERS: Hardison, Madrid, Beebe, Naranjo
NOES: BOARDMEMBERS: Alexander
ABSTAIN: BOARDMEMBERS: None
ABSENT: BOARDMEMBERS: None
CAWPR0C\C0RRFSP0\94RNC1f.N
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RANCH CENTER REDEVELOPMENT PROJECT
AZUSA, CALIFORNIA
JUNE 30,1994
For value received, the undersigned Agency promises to pay the City of Azusa Light Fund,
on order at Azusa, California, the sum of Four Hundred Eighty -Five Thousand Dollars
($485,000) with interest thereon from the date of June 30, 1994, at the rate of six percent
(6%) per annum, principal and interest due and payable in annual installments for thirty
(30) years through June 30, 2024. The Note is payable from developer payments, and may
also be paid from accumulated available tax increment revenues in excess of those pledged
for payment of Agency bonded indebtedness, 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 thirty (30) 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 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
By: In-- Q�, _7'. auyc,,k�,
Chairman'
RANCH CENTER PROJECT
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