HomeMy WebLinkAboutResolution No. 02-C075• RESOLUTION NO. 02—CA
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 33620, 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 ofthe 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'). Such loan shat l 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
$ 927,500 5% 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
in full on or before June 30. 2003. 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 behall'ofthe Agency.
the Note ttythe-eity,,of Azusa in accordance with the provision of Section 3 hereof.
Ist day of
Mayor
2002.
1 HEREBY CERTIFY that the foregoing resolution was duly adopted by the City of Azusa at a regular meeting thereof,
held on the Ast day of July
AYES: COUNCIL MI?MBERS:
NOES: COUNCIL MEMBERS:
ABSTAIN: COUNCIL MEMBERS:
2002.
Hardison,Chagnon,Rocha,Madrid
None
None
ABSENT: COUNCIL MEMBERS: Stanford
City Clerk