HomeMy WebLinkAbout1998-06-23 - RESOLUTIONS - ACCEPTING LOAN (2)RESOLUTION NO. RDA 98-2
A RESOLUTION OF THE CITY OF SANTA CLARITA
REDEVELOPMENT AGENCY ACCEPTING THE OFFER OF A LOAN BY THE CITY OF
SANTA CLARITA 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 Seven Hundred Fifty Thousand Dollars ($760,000.00) by the City of Santa Clarita, which loan
is authorized pursuant to the Community Redevelopment Law (Section 33000 et sea. of the
Health 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 incorporated herein by this reference, in favor of the City of Santa Clarita.
SECTION 2. The Secretary shall certify to the passage and adoption of this
Resolution, and it shall thereupon take effect and be in force.
1998. PASSED, APPROVED AND ADOPTED this 23 day of June
Redevelopment Agency
ATTEST:
Secretary, Redevelopment Agency
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) §
CITY OF SANTA CLARITA )
I, Sharon L. Dawson, CMC, Secretary of the City of Santa Clarita
Redevelopment Agency, do hereby certify that the foregoing Resolution was duly adopted by
the Redevelopment Agency of the City of Santa Clarita at a regular meeting thereof, held on
the 23 day of June , 19-2.8- by the following vote of Council:
AYES: COUNCILMEMBERS:
NOES: COUNCILMEMBERS:
ABSENTCOUNCILMEMBERS:
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Ferry, Weste, Rlajic, Darcy, Heidt
None
None
Secretary, Redevelopment Agency
EXHIBIT A
PROMISSORY NOTE
JUNE 23, 1998
The City of 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, in accordance with the term requirements established by City
Council Resolution No. 98-34, to the City of Santa Clarita, a municipal corporation
("City"), at Santa Clarita, California, 91355, the sum of Seven Hundred Fifty Thousand
Dollars ($750,000.00), together with interest per annum, at a rate equal to the prime rate
minus one percent; prime rate as used herein shall mean the prime rate of interest quoted
in the greater Los Angeles area as of July I" of each calendar year during the term
thereof, by the Valencia National Bank, or its successor. Loan payments will begin in the
year 2002, and twenty-five percent (25%) of the tax increment received each year by the
Redevelopment Agency will be used to pay off the loan.
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
LE
Date:
ATTEST:
LZ
Date:
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Executive Director
Secretary