HomeMy WebLinkAboutResolution No. UB- 08-C0240
RESOLUTION NO. 08-C24
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A RESOLUTION OF THE UTILITY BOARD OF THE CITY OF AZUSA
AUTHORIZING A LOAN 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 Utility Board 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
Utility Board 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
AMOUNT
PROJECT/AFFECTED
FUND
INTEREST
RATE
TERM
BORROW
FROM
REPAYMENT
FUND
SOURCE
$5,300,000
Electric Fund Balance
LAIF
Payable within
Azusa Light
Tax Increment,
(4.161%)
one year,
& Water:
Bonds, Agency
callable in the
Electric
Land Sale
event of an
Fund
Proceeds
emergency, or
Balance
if needed by
Utility Board
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.
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Section 4. The Utility Board 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 24`h day of March, 2008.
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J seph R. Rocha, Mayor
I HEREBY CERTIFY that the foregoing resolution No. 08-C24, was duly adopted by the City of Azusa at a
regular meeting thereof, held on the 24th day of March, 2008, by the following vote of the Utility Board Members.
AYES: BOARD MEMBERS:
GONZALES, CARRILLO, MACIAS, HANKS, ROCHA
NOES: BOARD MEMBERS:
NONE
ABSTAIN: BOARD MEMBERS:
NONE
ABSENT: BOARD MEMBERS:
NONE
Vera Mendoza, City Clerk