HomeMy WebLinkAbout2004-06-08 - RESOLUTIONS - LOAN TO SCRDA (2)RESOLUTION NO. 04-74
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 Five Hundred Eighty Five Thousand Dollars
($585,000), 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. $250,000 will come from the Developer Fee Fund, and
$335,000 from the General Fund.
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 8t° day of June, 2004.
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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 8`h day of June, 2004, by the following vote:
AYES: COUNCILMEMBERS: McLean, Weste, Ferry, Smyth, Kellar
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: None
CITY CLERK
council\loan resolution -City 0304.doc
_ STATE OF CALIFORNIA
)
COUNTY OF LOS ANGELES
) ss.
CITY OF SANTA CLARTTA
)
CERTIFICATION OF
CITY COUNCIL RESOLUTION
I, Sharon L. Dawson, City Clerk of the City of Santa Clarita, do hereby certify that this is a true
and correct copy of the original Resolution No. 04-74, adopted by the City Council 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 City of Santa Clarita, California, this _ day of
,20—.
Sharon L. Dawson, CMC
City Clerk
By
Susan Coffman
Deputy City Clerk
$585,000
10.4 00110.11
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.
UN
SANTA CLARITA REDEVELOPMENT
AGENCY, REDEVELOPMENT AGENCY
Executive Director
ATTEST:
Lo
counciNoan resolution -City 0304doc
Secretary