HomeMy WebLinkAbout2003-06-24 - RESOLUTIONS - LOAN SCRDA (2)RESOLUTION NO. 03-85
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SANTA CLARITA, CALIFORNIA, AUTHORIZING A
LOAN FROM THE DEVELOPER FEE FUND 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 from the Developer Fee
Fund to the Santa Clarita Redevelopment Agency in the amount of one hundred sixty thousand
dollars ($160,000), 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.
PASSED, APPROVED AND ADOPTED this 24th day of June, 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 24th day of June, 2003, by the following vote:
AYES: COUNCILMEMBERS
NOES: COUNCILMEMBERS
Ferry, McLean, Kellar, Weste, Smyth
None
ABSENT: COUNCILMEMBERS: None
CITY CLERK
$160,000
PROMISSORY NOTE
July 1, 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, a municipal corporation ("City"), at Santa Clarita,
California 91355, the sum of One Hundred Sixty Thousand Dollars ($160,000), 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, REDEVELOPMENT AGENCY
By:
Executive Direct
ATTEST:
LZ
Secretary
Exhibit A