HomeMy WebLinkAboutResolution No. 95-C81 RESOLUTION NO. 95-C81
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 ("Agencyl 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 for the Merged Redevelopment Project.
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 a Note of the Agency containing the
following terms,in addition to all usual and customary terms:
HIJT• PLEDGED REVENUE
LOAN AMOUNT RATE TE BORROW FROM SOURCES
$ 593,610 6% 1 Yr. General Fund Tax Increment
The loan listed herein is payable according to the terms of the Note. 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. The Note may be prepaid at any time without penalty.
Section 4. The City Council of the City of Azusa is hereby authorized and directed
to accept,on behalf of the Agency, the Note to the City of Azusa in accordance with the
provision of Section 3 hereof.
PASSED AND ADOPTED this 2 0th day of June 1995.
Mayor
I HEREBY CERTIFY that the foregoing resolution was duly adopted by the City of
Azusa at a regular meeting thereof,held on the 20th day of June . 1995.
AYES: COUNCILMEMBERS:HARDISON,MADRID,NARANJO,BEEBE,ALEXANDER
NOES: COUNCILMEMBERS:NONE
ABSTAIN: COUNCILMEMBERS:NONE
ABSENT: COUNCILMEMBERS:NONE
City Clerk
I