HomeMy WebLinkAboutResolution No. 86510 •
RESOLUTION NO. 8651
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF AZUSA AUTHORIZING
LOANS 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 City Council 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 to the Redevelopment Agency of the City of
Azusa the following loans, pending budget approval, for the
Merged Redevelopment Project, as of June 30, 1989.
Section 2. The Agency shall 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. Such loans shall be evidenced by secured notes
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
$2,100,000
9%
1
Yr.
Light
Fund
Tax
Increment,
Land
Sales
$1,000,000
9%
1
Yr.
Light
Fund
Tax
Increment,
Land
Sales
$ 250,000
9%
5
Yrs.
Light
Fund
Tax
Increment
$ 236,320
9%
5
Yrs.
Water
Fund
Tax
Increment
$ 30,000
9%
1
Yr.
General
Fund
Tax
Increment
$ 415,940
8%
1
Yr.
General
Fund
Tax
Increment
(a)
Payable on
or before
June 30
of term
year due.
(b) 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 29th day of June , 1989.
Mayor
I HEREBY
adopted by the
on the 29th day
AYES:
NOES:
ABSF f:
City Clerk
0 •
CERTIFY that the foregoing resolution was duly
City of Azusa at a regular meeting thereof, held
of June , 1989.
COUNCILMEMBERS: AVILA, STEMRICH, LATTA, MOSES
COUNCILMEMBERS: NONE
COUNCILMEMBERS: NARANJO