HomeMy WebLinkAboutResolution No. 11-C47RESOLUTION NO.11-C47
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
$1,563,290 Variable Based on LAIF Avg. I 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, 2012. 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 201" day of June, 2011.
ui
seph R. Rocha, Mayor
I HEREBY CERTIFY that the foregoing resolution was duly adopted by the City of Azusa at a regular meeting thereof,
held on the 20°i day of June, 2011.
AYES: COUNCIL MEMBERS: GONZALES, CARRILLO, MACIAS, HANKS, ROCHA
NOES: COUNCIL MEMBERS: NONE
ABSTAIN: COUNCIL MEMBERS: NONE
ABSEN COUNCIL MEMBERS: NONE
Vera Mendoza, City Clerk //