HomeMy WebLinkAbout2003-04-08 - RESOLUTIONS - AUTHORIZING LOAN RDA (2)RESOLUTION NO. 03-48
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SANTA CLARITA, CALIFORNIA, AUTHORIZING A LOAN TO THE
SANTA CLARITA REDEVELOPMENT AGENCY
NOW, THEREFORE, 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 fifty thousand dollars ($50,000), which loan is
authorized pursuant to the Community Redevelopment Law (Section 33000 et. sea• of the
Health and Safety Code). The loan shall be evidenced by a Promissory Note in the
substanially 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 8th day of April, 2003.
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, 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 8th day of April, 2003, by the following vote:
AYES: COUNCILMEMBERS: McLean, Kellar, Weste, Ferry, Smyth
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: None
CITY CLERK
$50,000
Exhibit A
PROMISSORY NOTE
April 8, 2003
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