HomeMy WebLinkAbout1998-06-23 - RESOLUTIONS - APPROVE RDA LOAN (2)RESOLUTION NO. 98-94
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF SANTA CLARITA, CALIFORNIA,
APPROVING A LOAN TO THE SANTA CLARITA REDEVELOPMENT AGENCY
The City Council of the City of Santa Clarita hereby resolves as follows:
SECTION 1. The City Council does hereby approve the offer of a loan in the
amount of Seven Hundred Fifty Thousand Dollars ($750,000.00) to the Santa Clarita
Redevelopment Agency, which loan is authorized pursuant to the Community Redevelopment
Law (Section 33000 et sea. of the Health and Safety Code). The City Manager 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.
PASSED, APPROVED AND ADOPTED this 23 day of June
ATTE
City Clerk
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) §
CITY OF SANTA CLARITA )
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 23' day
of June, 1998, by the following vote of the Council:
AYES: COUNCILMEMBERS
NOES: COUNCILMEMBERS
ABSENT: COUNCILMEMBERS
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Weste, Rlajic, Darcy, Ferry, Beldt
None
None
Sharon Dawson, City Clerk
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 1" 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
By:
Executive Director
Date:
ATTEST:
By:
Secretary
Date:
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