HomeMy WebLinkAbout2001-01-09 - RESOLUTIONS - LOAN TO SCRDA (2)RESOLUTION NO. 01.1
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 Fifty Thousand Dollars ($50,000.00) to the Santa Clarita Redevelopment Agency,
which loan is authorized pursuant to the Community Redevelopment Law (Section 33000 gI
6e& 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 City Clerk 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 ninth day of January, 2001.
Mayor
ATTEST:
City Clerk
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss
CITY OF SANTA CLARITA )
I, Sharon L. Dawson, CMC, City Clerk of the City of Santa Clarita, 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 ninth day of January, 2001, by the
following vote of the Agency:
AYES: COUNCE MEMBERS: Smyth, Darcy, Kellar, Ferry, Weste
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: None
Sharon Dawson, City Clerk
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 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: