HomeMy WebLinkAbout2001-01-09 - RESOLUTIONS - ACCEPTING LOAN FROM CITY (2)RDA RESOLUTION No. 01.1
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 Fifty Thousand Dollars ($50,000.00) 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
loan, in substantially the form attached as Exhibit Promissory Note evidencing such
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 9° day of January, 2001.
Chair
ATTEST:
Secretary
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) sa
CITY OF SANTA CLARITA )
I, Sharon L. Dawson, CMC, Secretary of the City of Santa Clarita
Redevelopment Agency 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 9' day of January, 2001, by the following vote of the Agency:
AYES: AGENCY MEMBERS: Kellar, Ferry, Smyth, Darcy, Weste
NOES: AGENCY MEMBERS: None
ABSENT. AGENCY MEMBERS: None
Secretary
Exhibit A
PROMISSORY NOTE
January 9, 2001
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 Fifty Thousand Dollars
($50,000.00), together with interest per annum, at a rate equal to the prune 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 duringwill
term thereof, by the Valencia National Bank, or its successor. Loan payor
ents 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: