HomeMy WebLinkAbout2002-06-25 - RESOLUTIONS - ACCEPT LOAN FROM CITY (2)RESOLUTION NO. RDA 02-1
A RESOLUTION OF THE CITY OF SANTA CLARITA
REDEVELOPMENT AGENCY ACCEPTING A LOAN
FROM THE CITY OF SANTA CLARITA
NOW, THEREFORE, the Redevelopment Agency of the City of Santa Clarita does
resolve as follows:
SECTION 1. The Redevelopment Agency does. hereby accept the offer of a loan in the
amount of Forty-two Thousand Dollars ($42,000) from the City of Santa Clarita, which loan is
authorized pursuant to the Community Redevelopment Law (Section 33000 et seq. 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 25th day of June, 2002.
ATTEST:
SECRETARY
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss.
CITY OF SANTA CLARITA )
I, Sharon L. Dawson, CMC, Secretary of the City of Santa Clarita Redevelopment
Agency, do 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 25th day of
June, 2002, by the following vote:
AYES: AGENCY MEMBERS: McLean, Kellar, Smyth, Weste, Ferry
NOES: AGENCY MEMBERS: None
ABSENT: AGENCY MEMBERS: None
SECRETARY
Exhibit A
PROMISSORY NOTE
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 Forty-two Thousand Dollars ($42,000), 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 I 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