HomeMy WebLinkAboutResolution No. 93-C063RESOLUTION NO. 93-C63
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 for the Merged Redevelopment Project, as of June
30, 1993.
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
$ 446,130 8% 1 Yr. General Fund Tax Increment
The loan listed herein is payable on or before June 30 of the term year due. The Note
is 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.
PASSED AND ADOPTED this2l�tday of June 1993
i
I HEREBY CERTIFY that the foregoing resolution was duly adopted by the City of
Azusa at a regular meeting thereof, held on the2lstday of June , 1993.
AYES: COUNCILMEMBERS: DANGLEIS, MADRID, NARANJO, MOSES
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: ALE2NADER