HomeMy WebLinkAboutResolution No. 06-C1180
RESOLUTION NO. 06-C118
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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 carrying out 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:
LOAN PROJECT/AFFECTED INTEREST TERM BORROW REPAYMENT
AMOUNT FUND RATE FROM FUND SOURCE
$10,218,000 Merged Project -CBD Capital 7% per Annum Payable City: Tax Increment, Bonds,
Projects Fund upon General/Rosedale Sales Proceeds
demand Funds
The loan listed herein is payable according to the terms of the Note. Payments will be made upon a demand made from the
City to the Agency. Any unpaid amounts will accrue annually and be added to principal. 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.
Section 5. The City Clerk shall certify the adoption of this Resolution.
PASSED AND ADOPTED this 4`s day of December, 2006.
Mayor i
I HEREBY CERTIFY that the foregoing resolution no. 06-0118, was duly adopted by the City of Azusa at a regular
meeting thereof, held on the 4`s day of'December, 2006.
AYES:
COUNCIL MEMBERS: HARDISON, CARRILLO, ROCHA, HANKS
NOES:
COUNCIL MEMBERS: NONE
ABSTAIN:
COUNCIL MEMBERS: CHAGNON
ABSENT:
COUNCiJ, MEMBERS: NONE
City Clerk