HomeMy WebLinkAboutResolution No. 05-C064RESOLUTION NO. -05-C64
A RESOLUTION OF THE CIT"V 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 of the 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 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
$940,090 Variable 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, 2006. 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.
�1'AfiSE AND ADOPTED this 18`" day of July, 2005.
V L4v�
Mayor
I HEREBY CERTIFY that the foregoing resolution was duly adopted by the City of Azusa at a regular meeting thereof,
held on the 18`" day of July, 2005.
AYES: COUNCIL MEMBER'S: HARDISON, CARRILLO, ROCHA, HANKS, CHAGNON
NOES: COUNCIL MEMBER'S: NONE
ABSTAIN: COUNCIL MEMBERS: NONE
ABSENT: COT CIL MEMBERS: NONE
City Clerk