HomeMy WebLinkAboutResolution No. 8264 (2)0 0
RESOLUTION NO. 8264
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF AZUSA AUTHORIZING AN ADVANCE FROM THE
GENERAL FUND FOR PURPOSES OF THE WEST END
DISTRICT REDEVELOPMENT PROJECT
WHEREAS, the Redevelopment Agency of the City of Azusa 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 a loan to the Agency from the General
Fund for the purposes of defraying said expenses;
NOW, THEREFORE, BE IT RESOLVED by the members 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 City Council
hereby authorizes a loan to the Redevelopment Agency from the
General Fund of the City, in the amount of $159,370, pending
budget approval for West End District as of June 30, 1987.
Section 2. The Agency shall accept and administer any
funds advanced to it pursuant to this Resolution in accordance
with the provisions of Section 33620, et. seq., of the Health and
Safety Code.
Section 3. Such loan shall be evidenced by a promissory
note of the Agency containing the following terms, in addition to
all usual and customary terms:
(a) Interest at the rate of eight (8) percent per annum.
(b) Payable on or before June 30, 1988.
(c) 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.
PASSED AND ADOPTED this 15th day of June , 1987.
Mayor
I HEREBY CERTIFY that the foregoing resolution was duly
adopted by the City of Azusa at a regular meeting thereof, held
on the 15th day of June , 1987.
AYES: COUNCILMEMBERS:
NOES: COUNCILMEMBERS:
ABSENT: COUNCILMEM RS:
City C1
COOK, CRUZ, LATTA, MOSES
NONE
AVILA