HomeMy WebLinkAbout2004-06-08 - RESOLUTIONS - ACCEPT LOAN FROM CITY SC (2)RESOLUTION NO. RDA 04-2
A RESOLUTION OF THE CITY OF SANTA CLARITA
REDEVELOPMENT AGENCY ACCEPTING A LOAN
FROM THE CITY OF SANTA CLARTTA
THE REDEVELOPMENT AGENCY OF THE CITY OF SANTA CLARTTA DOES RESOLVE
AS FOLLOWS:
SECTION 1. The Redevelopment Agency does hereby accept the offer of a loan in the
amount of Five Hundred Eighty -Five Thousand Dollars ($585,000) 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). $250,000 from the Developer Fee Fund
and $335,000 from the General Fund. The Executive Director is hereby authorized and directed
to execute a Promissory Note evidencing such loan, in substantially 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 81h day of June, 2004.
I Lei :i: I:
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 81day of
June, 2004, by the following vote:
AYES: AGENCY MEMBERS: Ferry, McLean, Smyth, Weste, Kellar
NOES: AGENCY MEMBERS: None
ABSENT: AGENCY MEMBERS: None
SECRETARY
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES
CITY OF SANTA CLARITA )
CERTIFICATION OF
REDEVELOPMENT AGENCY RESOLUTION
I, Sharon L. Dawson, Secretary of the City of Santa Clarita Redevelopment Agency, do hereby
certify that this is a true and correct copy of the original Resolution No. RDA 04-2, adopted by
the Redevelopment Agency of the City of Santa Clarita, California on June 8, 2004, which is
now on file in my office.
Witness my hand and seal of the Redevelopment Agency of the City of Santa Clarita, California,
this _ day of 20_.
Sharon L. Dawson, CMC
Secretary
By
Susan Coffman
Deputy Secretary
$585,000
ATTACHMENT A
PROMISSORY NOTE
June 8, 2004
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 Five Hundred Eighty Five Thousand Dollars ($585,000),
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. $250,000 is to be repaid to the Developer Fee Fund and $335,000 to the
General Fund.
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.
M
SANTA CLARITA REDEVELOPMENT
AGENCY
Executive Director
ATTEST:
Secretary