HomeMy WebLinkAboutResolution No. 91-C0720
RESOLUTION NO. 91-r72
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF AZUSA AUTHORIZ',
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, 1991.
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
$ 450,000
$ 500,000
$ 449,780
$2,528,720
Varies(b) 5 Yr.(a) Light Fund
Varies(b) 5 Yr.(a) Light Fund
8% 33 Yrs.
8% 1 Yr.
General Fund
General Fund
Tax Increment,
Land Sales
Tax Increment,
Tax Increment
Tax Increment,
Land Sales
$ 405,990 8% 1 Yr. General Fund Tax Increment
(a) For the five-year loans, interest payments shall be
made annually on or before May 31st of each year.
(b) For the five-year loans, interest rate for the May 31st
payment shall be the higher of 8% or the Local Agency Investment
Fund (LAIF) rate in effect on March 31st of the payment year.
Interest rate shall not exceed the maximum rate permitted by
Section 53531 of the Government Code (12$ as of this date).
(c) All other loans listed herein are payable on or before
June 30 of term year due.
(d) Land sale proceeds from the sale of the property shall
be applied to the principal of the Note. - The remaining unpaid
principal balance shall be payable as indicated above.
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(e) Notes are also 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.
(f) Notes may be prepaid at any time without penalty.
PASSED AND ADOPTED this 25th day of jime , 1991.
I HEREBY CERTIFY that the foregoing resolution was duly
adopted by the City of Azusa at a regular meeting thereof, held
on the 25th day of June , 1991.
AYES:
COUNCILMEMBERS:-DANGLEiS,
NONE
NONE
STEMRtCH, NARANJO, ALEXANDER,
MOSES