HomeMy WebLinkAbout1995-06-27 - RESOLUTIONS - PROMISSORY NOTE EXECUTION (2)RESOLUTION NO. RDA95.5
A RESOLUTION OF THE BOARD OF DIRECTORS OF
THE REDEVELOPMENT AGENCY OF THE CITY OF
SANTA CLARITA, CALIFORNIA, AUTHORIZING THE
BORROWING OF AN AMOUNT NOT TO EXCEED
$1,250,000 FROM THE CITY OF SANTA CLARITA;
AUTHORIZING THE EXECUTION AND DELIVERY
OF A PROMISSORY NOTE IN FAVOR OF THE CITY
OF SANTA CLARITA IN CONNECTION THEREWITH;
AND AUTHORIZING AGENCY OFFICIALS, STAFF
AND OTHER PARTIES TO TAKE CERTAIN ACTIONS
NECESSARY TO ACCOMPLISH THE EXECUTION
AND DELIVERY OF SAID PROMISSORY NOTE.
WHEREAS, the Redevelopment Agency of the City of Santa Clarita (the
"Agency") is a redevelopment agency and public body, corporate and politic,
duly created, established and authorized to transact business and exercise
its powers, all under and pursuant to the Community Redevelopment Law
(consisting of Part 1 of Division 24, commencing with Section 33000, as
amended, of the California Health and Safety Code) ( the "Redevelopment
Law") and the powers of the Agency include the power to borrow money
from the City of Santa Clarita, California (the "City"), and to issue notes and
other instruments necessary or convenient to the exercise of such power; and
WHEREAS, a redevelopment plan for a redevelopment project known
and designated as the "Project Area" has been adopted and approved by
Ordinance No. 94-3 of the City adopted on February 22, 1994 (the "Plan"),
and all requirements of law for and precedent to the adoption and approval
of the Plan have been complied with; and
WHEREAS, for the corporate purposes of the Agency, the Agency
proposes to authorize the borrowing of an amount not to exceed $1,250,000
from the City and, in connection therewith, execute and deliver a Promissory
Note dated as of June 27, 1995 (the "Note"), Exhibit A - in favor of the City,
to finance a portion of the costs of implementing the Plan and to pay costs
in connection with the execution and delivery of the Note;
NOW, THEREFORE, THE BOARD OF DIRECTORS OF THE
REDEVELOPMENT AGENCY OF THE CITY OF SANTA CLARITA DOES
HEREBY RESOLVE, DETERMINE AND DECLARE THAT:
Section 1. Incurrence of Debt Authorized. The Agency
is hereby authorized to borrow an amount not to exceed $1,250,000 from the
City for certain lawful and public purposes, including, without limitation,
the purposes set forth in the foregoing recitals.
Section 2. Promissory Note. The Agency hereby approves
the Note in substantially the form on file with the Secretary, together with
any changes therein or additions thereto approved by the Chairperson or the
Vice -Chairperson and subject to General Counsel approval. The
Chairperson or Vice -Chairperson shall execute and deliver the Note, the
Secretary shall attest to such signature, in the name and on behalf of the
Agency, and execution and attestation thereof shall be conclusive evidence
of approval of any such changes and additions.
Section 3. Authorization to Proceed. All actions
heretofore taken by the officers and agents of the Agency with respect to
borrowing money from the City and the execution and delivery of the Note
are hereby approved, confirmed and ratified. The Agency hereby authorizes
and directs General Counsel to prepare all other documents in connection
with the borrowing of money from the City; to advise the Agency in
connection therewith; and to otherwise accomplish the lawful and
expeditious execution and delivery of the Note. Agency officials and staff
are hereby authorized and directed to assist and cooperate in connection
with the execution and delivery of the Note and to take any and all actions
which they, or any of them, may deem necessary or advisable in order to
consummate the transactions described herein including, but not limited to,
the execution and delivery of any and all agreements, certificates,
instruments and other documents.
Section 4. Effectiveness. This Resolution shall take effect
from and after its adoption by the Board of Directors.
PASSED AND ADOPTED by the Board of Directors of the
Redevelopment Agency of the City of Santa Clarita at a regular meeting
held on the 27th day of June , 1995.
REDEVELOPMENT AGENCY OF THE
CITY OF SANTA CLARITA
r
STATE OF CALIFORNIA )
)ss
COUNTY OF LOS ANGELES )
I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the
Board of Directors of the Redevelopment Agency of the City of Santa Clarita at
a regular meeting thereof, held on the 77th day of June 1995, by the
following vote of the Board:
AYES: BOARDMEMBERS Smyth, Pederson, Heidt, Boyer, Darcy
NOES: BOARDMEMBERS None
ABSENT: BOARDMEMBERS None
ABSTAIN: BOARDMEMBERS None
EXHIBIT A
June 27, 1995
PROMISSORY NOTE
The Santa Clarita 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,
a sum certain amount as specified from time to time and certified by the Finance
Director, as designated on Attachment I, attached hereto, but in no event greater
than the sum of $1,250,000, 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.
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
ATTACHMENT I
PROMISSORY NOTE
SANTA CLARITA REDEVELOPMENT AGENCY,
•REDEVELOPMENT AGENCY
Sum certain amounts, as specified from time to time and certified by Finance Director for a
sum amount not to exceed $1,250,000.
DATE OF LOAN AMOUNT CERTIFICATION
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