HomeMy WebLinkAboutResolution No. 10-C46RESOLUTION NO. -10-C46
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 (California Redevelopment Law) 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 INT. BORROW PLEDGED REVENUE
AMOUNT RATE TERM FROM SOURCES
$1,559,245 Variable Based on LAIF Avg. 1 Year City's General Tax Increment, Other
Monthly Yields Fund
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; 2011. 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 191h day of July, 2010.
Joseph R. Rocha, Mayor
I HEREBY CERTIFY that the foregoing resolution no. 10-C46 was duly adopted by the City of
Azusa at a regular meeting thereof, held on the 16'h day of July, 2010, by the following vote of the
Council:
AYES: COUNCIL MEMBERS: GONZALES, CARRILLO, MACIAS, HANKS, ROCHA
NOES: COUNCIL MEMBERS: NONE
ABSTAIN: COUNCIL MEMBERS: NONE
ABSENT: -COUNCIL MEMBERS: NONE
Vera Mendoza, City