HomeMy WebLinkAbout2003-04-08 - RESOLUTIONS - ACCEPTING LOAN (2)RESOLUTION NO. RDA 03-1
A RESOLUTION OF THE CITY OF SANTA CLARITA
REDEVELOPMENT AGENCY ACCEPTING A LOAN
FROM THE CITY OF SANTA CLARITA
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 the
amount of Fifty Thousand Dollars ($50,000) from the City of Santa Clarita, which loan is
authorized pursuant to the Community Redevelopment Law (Section 33000 et seg. of the
Health and Safety Code). The Executive Director is hereby authorized and directed to execute
a Promissory Note evidencing such loan, in substanially the form attached as Attachment 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 8th day of April, 2003.
M-R
ATTEST:
4
SiCRETARY
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
8th day of April, 2003, by the following vote:
AYES: AGENCY MEMBERS: Ferry, McLean, Kellar, Weste, Smyth
NOES: AGENCY MEMBERS: None
ABSENT: AGENCY MEMBERS: None
SECRETARY
Exhibit A
$50,000 April 8, 2003
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, California, 91355, the sum of Fifty Thousand Dollars ($50,000), 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
herein.
SANTA CLARITA REDEVELOPMENT
AGENCY
By:
Executive Director
ATTEST:
By:
Secretary