HomeMy WebLinkAboutResolution No. 98-C0760
RESOLUTION NO. 98—C76
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF AZUSA
APPROVING THE TRANSFER OF CITY BUDGETED LOAN FUNDS TO THE
REDEVELOPMENT AGENCY OF THE CITY OF AZUSA FOR A PROPOSED
COMMERCIAL REHABILITATION LOAN FOR MR. AND MRS. MIGUEL,
525-531 NORTH AZUSA AVENUE
THE CITY OF AZUSA DOES HEREBY RESOLVE AS FOLLOWS:
SECTION 1. The City Council of the City of Azusa does hereby find, determine and
declare that:
A. The City of Azusa has allocated funds for the Agency's Commercial
Rehabilitation Loan Program; and
B. The 1997-1998 City budget contains loan funds for the Agency's
Commercial Rehabilitation Loan Program; and
C. The funds are a contribution to the Agency and shall be repaid; and
D. The $20,000 Miguel loan is the first loan to be funded and the project is
ready to proceed.
SECTION 2. The City Council hereby approves transferring $20,000 to the Agency in
connection with the Agency making a loan to Mr. and Mrs. Miguel.
SECTION 3. The Agency has obtained no less than three informal bids and therefore
competitive formal bidding is waived.
SECTION 4. The Chairperson of the Redevelopment Agency is authorized to execute all
loan documents in connection with the Agency loan to the Miguels.
SECTION 5. The City Clerk shall certify passage and adoption of this Resolution and the
same shall thereupon take effect and be in force.
PASSED,
CRUZ -MADRID
MAYOR
ADOPTED this 4th day of May 1998.
I HEREBY CERTIFY that the foregoing Resolution was duly adopted at a meeting of the
City Council of the City of Azusa, at a regular meeting thereof, held on the 4th day of May ,
1998, by the following vote of the City Council:
AYES: COUNCILMEMBERS: HARDISON, STANFORD, ROCHA, BEEBE, MADRID
NOTES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS:
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