HomeMy WebLinkAbout2000-06-27 - RESOLUTIONS - LOAN FROM CITY TO SCRDA (4)RESOLUTION NO. RDA 00-1
A RESOLUTION OF THE REDEVELOPMENT AGENCY
OF THE CITY OF SANTA CLARITA, CALIFORNIA,
ACCEPTING A LOAN FROM THE CITY OF SANTA CLARITA
The Redevelopment Agency Board of the Santa Clarita Redevelopment Agency
hereby resolves as follows:
SECTION 1. The Redevelopment Agency does hereby accept the offer of a loan in
the amount of Four Hundred and Forty Five Thousand Dollars ($445,000.00) from 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.
PASSED, APPROVED AND ADOPTED this 27th day of June, 2000.
Chiir
ATTEST:
Secretary
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss
CITY OF SANTA CLARITA )
I 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
27'h day of June 2000, by the following vote of the Board:
AYES: Agency Members: Kellar, Weste, Smyth, Ferry, Darcy
NOES: Agency Members: None
ABSENT: Agency Members: None
'w�
Sharon Dawson, Secretary
Exhibit A
PROMISSORY NOTE
June 27, 2000
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, 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 Four Hundred and Forty Five Thousand Dollars ($445,000.00), 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
LE
Date:
ATTEST:
M.
Executive Director
Secretary