HomeMy WebLinkAbout1994-03-08 - RESOLUTIONS - PROMISSORY NOTE EXECUTION (2)P"`
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RESOLUTION NO. RDA 94-4
A RESOLUTION OF THE SANTA CLAp%ITA
REDEVELOPMENT AGENCY ACCEPTING THE OFFER OF A
LOAN BY THE CITY OF SANTA CX -TCfTA AND
AUTHORIZING THE EXECUTION OF A PROMISSORY
NOTE
The Board of the Santa Clarita Rodevelopment Agency does
resolve as follows:
SECTION 1. The Agency does hereby accept the offer of a
loan in the amount of Two Hundred Fifty Thousand Dollars
($250,000.00) by the City of Santa Clarita, which loan is
authorized pursuant to the Community Redevelopment Law (Section
33000 et seg. of the Health and Safety Code). The Executive
Director is hereby authorized and dii.,ected to execute a
Promissory Note evidencing such loan., .in: substantially the form
attached as Exhibit A to this Resolu'rion and incorporated herein
by this reference, in favor of the City of Santa Clarita.
SECTION 2. The Assistant Secretary shall certify to the
adoption of this Resolution and certify this record to be a full,
true, correct copy of the action takern
PASSED, APPROVED AND ADOPTED by th�-Board of the Santa
Clarita Redevelopment Agency at a regul.:y.r meeting held on the
_8th - day of march , 1994 .
C IRPERSON '
I HEREBY CERTIFY that the foregoing Resolution was duly
adopted by the Board of the Santa Clarita Redevelopment Agency at
a regular meeting thereof, held on the 8th day of
March , 1994 , by the following vote of the Board:
AYES: MEMBERS Boyer, Darcy, Heidt, Klajic, Pederson
NOES: MEMBERS None
ABSENT: MEMBERS None
ABSTAIN: MEMBERS None
L
ASSISTANT SECRETARY
$250,000.00
EXHIBIT A
PROMISSORY NOTE
March 8, 1994
The Santa Clarha Redevelopment Agency, a redevelopment agency ("Agency"),
for a good and valuable consideration, receipt of which is hereby acknowledged, does hereby agree
to pay, on or before maturity, to the City of Santa Clarita, a municipal corporation ("City"), at Saha
Clarita, California 91355, the sum of Two Hundred Fifty Thousand Dollars ($250,000.00), together
with interest per annum thereon, at a rate equal to the prime rate plus one (1) point; "prime rate"
as used herein shall mean the prime rate of Interest quoted In the greater Los Angeles area as of
July 1st of each calendar year during the term thereof, by the First Interstate Bank, or its successor.
Principal and interest shall be payable in lawful monies of the United States.
Said principal and interest shall be paid at maturity; provided, at the option of the Agency, the
entire balance of principal and Interest may be paid prior to said maturity date.
litigationShould reasonably necessary to
is
Note, the Agency shall pay, Inaddition to all other sums due on thisenforce ote,he provisions of h
an amount equal to
reasonable attorneys' fees as set by the court, plus court costs incurred therein.
SANTA CLARITA REDEVELOPMENT AGENCY,
REDEVELOPMENT AGENCY
B
E Ive Director
ATTEST:
By
Assistant Secretary /7��