HomeMy WebLinkAboutResolution No. 96-C930 0
RESOLUTION NO. 96—C93
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 loan for the Merged Redevelopment Project.
Se tion 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 loan shall be evidenced by a Note 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
$ 633,300 6% 1 Yr. General Fund Tax Increment, Other
The loan listed herein is payable according to the terms of the Note. Payments will be made at least
annually, and will be paid un full on or before June 30,1997. The Note is 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
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 1st day of July 1996.
Mayor
I HEREBY CERTIFY that the foregoing resolution was duly adopted by the City of Azusa at a
regular meeting thereof, held on the 1st day of July , 1996.
AYES: COUNCILMEMBERS: HARDISON, MADRID, NARANJO, BEEBE, ALEXANDER
NOES: COUNCILMEMBERS: NONE
ABSTAIN: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: ONE
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City Clerk///,/
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