HomeMy WebLinkAbout1996-07-09 - RESOLUTIONS - EXECUTION PROMISSORY NOTE (2)RESOLUTION NO. RDA 96.2
A RESOLUTION OF THE SANTA CLARITA
REDEVELOPMENT AGENCY ACCEPTING THE OFFER
OF A LOAN BY THE CITY OF SANTA CLARrFA
AND AUTHORIZING THE EXECUTION OF A PROMISSORY NOTE
The Board of the Santa Clarita Redevelopment Agency does resolve as follows:
SECTION 1. The Agency does hereby accept the offer of a loan in the amount of Five
Hundred Thousand Dollars ($500,000.00) by the City of Santa Clarita, which loan is authorized
pursuant to the Community Redevelopment Law (Section 33000 a=. of the Heath and Safety
Code.) The Executive Director is hereby authorized and directed to execute a Promissory Note
evidencing such loan, in substantially the form attached as Exhibit A to this Resolution and
incorporated herein by this reference, in favor of the City of Santa Clarita.
SECTION 2. The Secretary shall certify to the adoption of this Resolution and certify
this record to be a full, true, correct copy of the action taken.
PASSED, APPROVED AND ADOPTED by the Board of the Santa Clarita
Redevelopment Agency at a regular meeting held on the 9 t- )L day of .-r„ 1 y
1996.
CHAIRPERSON
e mmce'r.
REDEVELOPMENT AGENCY BUDGET
PROPOSED 1996/97
PERSONNEL
85-8700-1
85-8700-1
85-8700-1
85-8700-1
85-8700-1
85-8700-1
85-8700-1
85-8700-1
85-8700-1
RDA97.TMM
TOTAL PERSONNEL 159,000
OPERATIONS AND MAINTENANCE
85-8700-201 Publications and
MT1.I
85-8700-210
85-8700-211
85-8700-212
85-8700-213
85-8700-260
TOTAL OPERATIONS AND MAINTENANCE 341,000
TOTAL REDEVELOPMENT AGENCY 500,000
Notes. Salaries include a portion of the Economic Development Manager and Assistant City Manager
salaries. Commission stipend included.
Contractual services for redevelopment consultant services
Attorney services based on estimates of prior usage
Other items include funding for operations of staff and travel and training of commission
Budget to be reviewed given progress at mid year.
Page 1
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES )
CITY OF SANTA CLARITA )
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 Qt hh day of
July , 19a6 , by the following vote of the Board:
AYES: DIRECTORS : Kl.ajic, Smyth, Heidt, Darcy, Boyer
NOES: DIRECTORS : None
ABSENT: DIRECTORS : None
ABSTAIN: DIRECTORS : None
SE RETARY
T Krda%-2.ms
$500,000.00
EXHIBIT A
PROMISSORY NOTE
July 9,1996
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, the sum of Five
Hundred Thousand Dollars ($500,000.00), 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 at of each
calendar year during the term thereof, by the Wells Fargo 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 CLARIJA REDEVELOPMENT AGENCY,
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