HomeMy WebLinkAboutResolution No. 95-C167RESOLUTION NO. 95-C167
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF AZUSA AUTHORIZING
A REIMBURSEMENT AGREEMENT BETWEEN THE CITY OF AZUSA AND THE
REDEVELOPMENT AGENCY OF THE CITY OF AZUSA FOR PURPOSES OF THE
MERGED REDEVELOPMENT PROJECT AREA
WHEREAS, the Redevelopment Agency of the City of Azusa ("Agency") is authorized to
undertake 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, for purposes of the Merged
Redevelopment Project Area; and
WHEREAS, the City Council has authorized an exchange of Community Development Block
Grant (CDBG) funds with the City of Walnut for purposes of funding eligible projects essential to
redevelopment of areas included in the Merged Redevelopment Project Area, and of general benefit
to the City and its residents; and
WHEREAS, the Agency has agreed to reimburse the City General Fund for those debt
service payments paid by the General Fund pursuant to the Promissory Note between the City
General Fund and the City Light Fund, established for the purpose of funding the CDBG Fund
Exchange with the City of Walnut.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Azusa that:
Section 1. Pursuant to the provisions of California State Health and Safety Code Sections
33600 and 33601, the City Council hereby authorizes the Redevelopment Agency of the City of
Azusa to enter into the Reimbursement Agreement with the City of Azusa for reimbursement to the
City for debt service payments paid by the City pursuant to a Promissory Note between the City of
Azusa General Fund and the City of Azusa Light Fund, benefitting the Merged Redevelopment
Project.
Section 2. Authorization for such payments shall be evidenced by the Reimbursement
Agreement between the City of Azusa and the Redevelopment Agency of the City of Azusa
containing the following terms, in addition to all usual and customary terns:
REIMB AMT INT RATE TERM REVENUE SOURCE
$202,330 5.784% 3 Years Tax Increment, Other
Payments will be made annually on or before December 31st of each term year beginning December
31, 1996, until paid in full. The amounts listed herein are payable according to the terns of the
Reimbursement Agreement, and are payable from accumulated tax increment funds in excess of those
pledged for payment of Agency bonded indebtedness, and/or from any other funds available to the
Agency from which such payment may legally be made. The Reimbursement Agreement may be
prepaid at any time without penalty.
Section 3. The City Council of the City of Azusa is hereby authorized and directed to accept,
on behalf of the Agency, the Reimbursement Agreement between the City of Azusa and the
Redevelopment Agency of the City of Azusa in accordance with the provisions of Section 2 hereof.
PASSED AND ADOPTED this 20th day of November , 1995.
Mayor
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I HEREBY CERTIFY that the foregoing resolution was duly adopted by the City of Azusa
at a regular meeting thereof, held on the 2 0th day of November '1995.
AYES: COUNCILMEMBERS
NOES: COUNCILMEMBERS
ABSTAIN: COUNCILMEMBERS
ABSENT: COUNCILMEMBERS
i vY / /
City Clerk /
HARDISON, MADRID, BEEBE
NARANJO, ALEXANDER
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