HomeMy WebLinkAboutResolution No. 94-C1010 0
RESOLUTION NO. 94-C101
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,
1994.
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
$ 563,410 6% 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 this 18th day of July 1994.
Mayor
I HEREBY CERTIFY that the foregoing resolution was duly adopted by the City of
Azusa ata regular meeting thereof, held on the 18th day of July 1994.
AYES: COUNCILMEMBERS: Hardison, Madrid, Beebe, Naranjo
NOES: COUNCILMEMBERS: Alexander
ABSTAIN: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: None
4
City442i'2i
c.%wvx0c\c0xeRWM94C1Y me