HomeMy WebLinkAboutResolution No. 92-C0740 0
RESOLUTION NO. 92-C74
A RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF AZUSA AUTHORIZING CHANGES TO PRIOR YEAR 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; and
WHEREAS, the Agency desires to re -allocate and re -define certain loans which
the City Council of the City of Azusa approved and funded in prior years;
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 the Redevelopment Agency of the
City of Azusa that the following loans be revised as indicated:
ORIGINAL LOANS AND TERMS:
DATE RESOLN. INT.
LOAN AMOUNT APPRV'D NO. RATE
$2,300,000 7/1/91 91-R41 Variable
$ 449,780 6/25/91 91-C72
REVISED LOANS AND TERMS:
DATE RESOLN.
LOAN AMOUNT APPRV'D NO.
0
INT.
RATE
$2,300,000 7/01/91 91-R41 9%
$ 135,740 6/25/91 91-C72 8%
TERM SOURCE
5 Yr. Tax Incre.-
CBD, Land
Sales
33 Yrs. Tax Incre.-
CBD
TERM SOURCE
10 Yrs. Tax Incre:
20% Set
Aside Fund
33 Yrs. Tax Incre.-
CBD
0 0
The loans listed herein are payable on or before June 30 of each year until paid in full.
The loans 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. Notes may be prepaid
at any time without penalty.
Section 2. The City Council of the City of Azusa is hereby authorized and directed
to accept, on behalf of the Agency, the Revised Secured Note to the City of Azusa in
accordance with the provisions of Section 3 hereof.
PASSED AND ADOPTED this 15ttday of ,Tune 1992.
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I HEREBY CERTIFY that the foregoing resolution was duly adopted by the City
Council of the City of Azusa at a regular meeting thereof, held on the 15thday of June
1992.
AYES: COUNCILMEMBERS: DANGLEIS, MADRID, ALEXANDER, MOSES
NOES: COUNCILMEMBERS: NONE
ABS COUNCILMEMBERS: NARAN 0
City le c/Depu City Clerk