HomeMy WebLinkAboutResolution No. 95-R360 0
RESOLUTION NO. 95-R36
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 loan for
the Merged Redevelopment Project.
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 Note of the Agency containing the following
terms, in addition to all usual and customary terms:
INT.
LOAN AMOUNT RATE TERM BORROW FROM
$593,610 6% 1 Yr. General Fund
PLEDGED REVENUE
SOURCES
Tax
Increment
The loans listed herein are payable according to the terms of the Note. The Notes are
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. The Note 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 Note to the City of Azusa in accordance with the provisions
of Section 3 hereof.
PASSED AND ADOPTED this 20th day of .lune 1995.
Chairman
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 20th day of June 1995.
AYES:
BOARDMEMBERS:
HARDISON, MADRID, NARANJO, BEEBE, ALEXANDER
NOES:
BOARDMEMBERS:
NONE
ABSTAIN:
BOARDMEMBERS:
NONE
ABSENT:
BOARDMEMBERS:
NONE
pf e
Secretary
C\ W PIt'JC\CO W I�OU�iOA\91A�idN.
0 0
UNSECURED NOTE
MERGED REDEVELOPMENT PROJECT AREA
AZUSA, CALIFORNIA
JUNE 30,1995
For value received, the undersigned Agency promises to pay the City of Azusa, on
order at Azusa, California, the sum of Five Hundred Ninety -Three Thousand Six
Hundred and Ten Dollars ($593,610) with interest thereon from the date of June 30,
1995, at the rate of six (6%) percent per annum, principal and interest payable in
installments due by June 30, 1996 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, 1996, 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.
REDEVELOPMENT AGENCY OF THE
CITY OF AZUSA
By:
�'d A oj" �" l�c.�
Chairman
ADMINISTRATION