HomeMy WebLinkAboutResolution No. 09-C107RESOLUTION NO. 09-C107
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
FUNDSOURCE
$3,310,000
Merged Project -CBD Capital 6.5%
Payable
City: General
Tax Increment,
Projects Fund
upon
Funds
Sales Proceeds
demand
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 21" day of December, 2009.
JJ s�. Rocha, Mayor
I HEREBY CERTIFY that the foregoing resolution no. 09-C107 was duly adopted by the City
of Azusa at a regular meeting thereof, held on the 21" day of December, 2009, by the following vote
of the Council:
AYES:
COUNCIL MEMBERS: GONZALES, CARRILLO, MACIAS, HANKS
NOES:
COUNCIL MEMBERS: ROCHA
ABSTAIN:
COUNCIL MEMBERS: NONE
ABSENT:
COUNCIL MEMBERS: NONE
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Vera Mendoza, City Clerk