HomeMy WebLinkAbout2002-06-25 - RESOLUTIONS - LOAN TO SCRDA (2)RESOLUTION NO. 02-98
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 forty-two thousand dollars ($42,000), which loan is
authorized pursuant to the Community Redevelopment Law (Section 33000 et. seq. (Of the
Health and Safety Code). The loan shall be evidenced by a Promissory Note in substantially
the form attached as Exhibit 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 25th day of June,'
ATTEST:
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, do 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 25th day of June, 2002, by the following vote:
AYES: COUNCILMEMBERS: Smyth, Weste, McLean, Kellar, Ferry
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: None
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 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.
Un
SANTA CLARITA REDEVELOPMENT
AGENCY
Executive Director
ATTEST:
Secretary