HomeMy WebLinkAbout1994-03-08 - RESOLUTIONS - SCRDA LOAN (2)RESOLUTION NO. 94-38
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF SANTA CLARITA AUTHORIZING A LOAN TO THE
SANTA CLARITA REDEVELOPMENT AGENCY
The City Council of the City of Santa Clarita does resolve
as follows:
SECTION 1. The City is hereby authorized to make a loan to
the Santa Clarita Redevelopment Agency in the amount of Two
Hundred Fifty Thousand Dollars ($250,000.00), which loan is
authorized pursuant to the Community Redevelopment Law (Section
33000 et seq. of the Health and Safety Code). The loan shall be
evidenced by a Promissory Note in substantially the form attached
as Exhibit A to this Resolution and incorporated herein by this
reference.
SECTION 2. The City Clerk shall certify to the adoption of
this Resolution and certi.:ty this record to be a full, true,
correct copy of the ac4::eon taken.
PASSED, APPROVED AND ADOPTED by the City Council. of the City
of Santa Clarita at a regular meeting held on the Ath_, day of
March 1994
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CITY CLERK
I HEREBY CERTIFY that the foregoing Resolution was duly
adopted by the City Council of the City of Santa Clarita at a
regular meeting thereof, held on the -&ta, day of
March , 1994 , by the following vote of the Council:
AYES: COUNCILMEMBERS Boyer, Darcy, Heidt, Klajic, Pederson
NOES: COUNCILMEMBERS Mone
ABSENT: COUNCILMEMBERS Mone
ABSTAIN: COUNCILMEMBERS Mone
CITYCLERK
::851722
$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 Santa
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 1 st 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.
Should litigation be reasonably necessary to enforce the provisions of this
Note, the Agency shall pay, in addition to all other sums due on this note, an amount equal to
reasonable attorneys' fees as set by the court, plus court costs Incurred therein.
SANTA CLARITA REDEVELOPMENT AGENCY,
REDEVELOPMENT AGENCY
By
Executive Director
ATTEST:
By
Assistant Secretary