HomeMy WebLinkAboutResolution No. 86500 •
RESOLUTION NO. 8650
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF AZUSA AUTHORIZING
LOANS FOR PURPOSES OF THE RANCH CENTER 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 loan, pending budget approval, for the Ranch
Center 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
$ 500,000 9% 25 Yrs. Light Fund Tax Increment
(a) Payable on or before June 30 of term year due.
(b) Payable from a priority pledge of ninety-five percent
(95%) of the tax increment revenue allocated, received,
and retained by the Agency, less any required set -
asides for low -and -moderate -income housing 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 CERTIFY that the foregoing resolution was duly
adopted by the City of Azusa at a regular meeting thereof, held
on the 29th day of June , 1989.
AYES: COUNCILMEMBERS: AVILA, STEMRICH, LATTA, MOSES
NOES':/ COUNCILMEMBERS: NONE
ABSE)(T: COUNCILMEMBERS: NARANJO
City Clerk