HomeMy WebLinkAboutResolution No. 95-C70RESOLUTION NO. 95—C70
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF AZUSA
AUTHORIZING REVISING 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 redefine certain loans which were approved and
funded in prior periods;
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 revisions to the following loans for
purposes of 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. Said loans shall be evidenced by Notes of the Agency containing the
following revised terms, in addition to all usual and customary terms.
ORIGINAL. LOANS
AND TERMS:
ORIGINAL
ORIGINAL
DATE
RESOLN.
INT.
PLEDGED REVENUE
LOAN AMOUNT
APPRV'D
NUMBER
RATE
TERM
SOURCES
$ 2,000,000
10/03/94
94-0149
5.25%
10 Yrs.
Developer Lease
94-856
Payments, Tax
Increment
$ 2,300,000
06/15/92
92-C74
9.00%
10 Yrs.
20% Set Aside
92-R38
Tax Increment
REVISED LOANS
AND TERMS:
ORIGINAL
ORIGINAL
DATE
RESOLN.
INT.
PLEDGED REVENUE
LOAN AMOUNT
APPRVD
NUMBER
RATE
TERM
SOURCES
$ 2,000,000
10/03/94
94-149
5.25%
15 Yrs.
Developer Lease
94-R56
Payments, Tax
Increment
$ 2,300,000
06/15/92
92-074
6.00%
25 Yrs.
20% Set Aside
92-R38
Tax Increment
Cu,�s�
The loans listed herein are payable according to the terms of the Notes. The Notes are
payable from accumulated tax increment funds in excess of those pledged for payment of
Agency bonded indebtedness, developer lease payments, and/or from any other funds
available to the Agency from which such payment may legally be made. The Notes 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 Revised Notes to the City of Azusa in accordance
with the provisions of Section 3 hereof.
PASSED AND ADOPTED this 5th 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 5th day of June 1995.
AYES: COUNCILMEMBERS: HARDISON, MADRID, NARANJO, BEEBE
NOES: COUNCILMEMBERS: ALEXANDER
ABSTAIN: COUNCILMEMBERS: NONE
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