HomeMy WebLinkAbout2001-12-11 - RESOLUTIONS - LOAN TO SCRDA (2)RESOLUTION NO. 01-164
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF SANTA CLARITA, CALIFORNIA
AUTHORIZING A LOAN TO THE
SANTA CLARITA REDEVELOPMENT AGENCY
The City Council of the City of Santa Clarita does hereby resolve as follows:
SECTION 1. The City is hereby authorized to make a loan to the Santa Clarita
Redevelopment Agency in the amount of one hundred fifty thousand dollars ($150,000), which
loan is authorized pursuant to the Community Redevelopment Law (Section 33000 gLege . Of
the Health and Safety Code). The loan shall be evidenced by a Promissory Note in
substantially the form as Attachment A to this Resolution and incorporated herein by this
reference.
SECTION 2. The City Clerk shall certify to the adoption of this Resolution and certify
this record to be a full, true, correct copy of the action taken.
PASSED, APPROVED, AND ADOPTED this 11th day of December 2001.
ATTEST:
R D �
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, do hereby certify that the
foregoing Resolution was duly adopted by the City of Santa Clarita at a regular meeting
thereof, held on the 11th day of December 2001, by the following vote:
AYES: COUNCILMEMBERS: Kellar, Smyth, Weste, Darcy, Ferry
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: None
a
CITY CLERK
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$150,000
ATTACHMENT A
PROMISSORY NOTE
December 11, 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, on or before maturity, to the City of Santa Clarita, a municipal corporation ("City"), at
Santa Clarita, California 91355, the sum of One Hundred Fifty Thousand Dollars ($150,000),
together with interest per annum thereon, at a rate equal to the prime rate minus one (1) point;
"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 First Interstate
Bank, or its successor.
Principal and interest shall be payable in lawful monies of the United States. Said
principal and interest shall be paid at maturity; provided, at the option of the Agency, the entire
balance of principal and interest may be paid prior to said maturity date.
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
ATTEST:
By:
Secretary
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