HomeMy WebLinkAboutResolution No. 04-R200
RESOLUTION NO. 04-1120
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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 33620, 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. BORROW
LOAN PROJECT RATE TERM FROM PLEDGED REVENUE SOURCES
AMOUNT
51,031,392 Administration 5.0% 1 Year 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, 2005. 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.
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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 2nd day of August, 2004.
Chairman Pro -tem
1 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 2nd day of August,
2004.
AYES:
BOARD MEMBERS:
HARDISON, STANFORD, CHAGNON, ROCHA, MADRID
NOES:
BOARD MEMBERS:
NONE
ABSTAIN:
BOARD MEMBERS:
NONE
ABSENT:
BOARD MEMBERS:
NONE
Secretary
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PROMISSORY NOTE
MERGED REDEVELOPMENT PROJECT AREA
AZUSA, CALIFORNIA
JULY 1, 2004
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 ONE MILLION THIRTY-ONE
THOUSAND THREE HUNDRED NINETY-TWO DOLLARS (S 1,031,392) with interest thereon from the date of
July 1, 2004, at the rate of five (5%) percent per annum, principal and interest payable at least annually and due in
full by June 30, 2005, 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, 2005, 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 principal due and the remainder to interest; 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: \
Chairman Pro -tem
ADMINISTRATION
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