HomeMy WebLinkAboutResolution No. 96-R270
RESOLUTION NO. 96—R27
6
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF
THE CITY OF AZUSA REQUESTING A LOAN FROM THE CITY OF AZUSA FOR
PURPOSES OF THE MERGED REDEVELOPMENT PROJECT AREA
WHEREAS, the Redevelopment Agency of the City of Azusa ("Agency") is authorized to undertake
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, for purposes of the Merged Redevelopment Project
Area; 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 California State Health
and Safety Code, the Board of Directors Agency hereby authorizes the Redevelopment Agency of the City
of Azusa to request a Loan from the City of Azusa for purposes of 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 authorization for repayment of the loan shall be evidenced by
a Note (in the form attached as Exhibit A) of the Agency containing the following terms, in addition to all
usual and customary terms:
INT. PLEDGED REVENUE
LOAN AMOUNT BATE TERM BORROW FROM SOURCES
$633,300 6% 1 Yr. General Fund Tax Increment, Other
The loan listed herein is payable according to the terms of the Note. Payments will be made at least
annually, and will be paid in full on or before June 30, 1997. The Note is payable from accumulated tax
increment funds in excess of those pledged for payment of Agency bonded indebtedness, and/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 _1st
Chairma
day of July 1996.
I HEREBY CERTIFY that the foregoing resolution was duly adopted by the Redevelopment Agency
of the City of Azusa at a regular meeting held on the 1 st day of July 1996.
AYES:
NOES:
ABSTAIN
ABSYINT:
BOARDMEMBERS: HARDISON, MADRID, NARANJO, BEEBE, ALEXANDER
BOARDMEMBERS: NONE
BOARDMEMBERS: NONE
BOARDMEMBERS:
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EXHIBIT A
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MERGED REDEVELOPMENT PROJECT AREA
AZUSA, CALIFORNIA
JULY 1, 1996
For value received, the REDEVELOPMENT AGENCY OF THE CITY OF AZUSA, a public
body corporate and politic ("Agency"), promises to pay the CITY OF AZUSA, a municipal
corporation and general law city organized and existing under the laws of the State of
California ("City"), the sum of SIX HUNDRED THIRTY-THREE THOUSAND THREE
HUNDRED DOLLARS ($633,300) with interest thereon from the date of July 1, 1996, at the
rate of six (6%) percent per annum, principal and interest payable at least annually and
due in full by June 30,1997, as provided herein. The Note is payable from tax increment
revenues in excess of those pledged for Agency bonded indebtedness and/or any other
resources available to the Agency from which such payment may legally be made,
allocated to and received by the Agency for the Merged Redevelopment Project Area. The
term of the note shall be one (1) year, due in full by June 30, 1997, unless extended by
mutual consent of both parties.
This note is issued in connection with the provision of funds to finance redevelopment
activities of the Merged Redevelopment Project Area. The Merged Project provides for tax
increment financing in accordance with the provisions of the California Health and Safety
Code. The Agency is authorized, with the consent of the Board of Directors, to undertake
certain actions which are necessary and incidental to carrying out the Redevelopment Plan
which has previously been adopted by the City of Azusa, for purposes of the Merged
Redevelopment Project area. The City Council has authorized the loan for purposes of
funding incurred administrative obligations. This note is issued under the authority and
pursuant to the Community Redevelopment Law, commencing with Section 33600 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. In event of default in payment
of any amount as herein provided, then the entire amount shall become due at the option
of the City of Azusa. Principal and interest shall be payable in lawful money of the United
States at AZUSA, CALIFORNIA. Demand, presentment for payment, protest and notice
of protest are hereby waived.
REDEVELOPMENT AGENCY OF THE
CITY OF AZUSA
By: -,t,_ Jr,
Chairman
ADMINISTRATION
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