HomeMy WebLinkAbout2005-01-25 - RESOLUTIONS - ACCEPT LOAN FROM CITY (2)RESOLUTION NO. RDA 05-1
A RESOLUTION OF THE CITY OF SANTA CLARTTA
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 Eight Hundred Forty -Five Thousand Dollars ($845,000) 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) 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 25`" day of January, 2005.
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 25`n day of
January, 2005, by the following vote:
AYES: AGENCY MEMBERS: McLean, Weste, Kellar, Ferry, Smyth
NOES: AGENCY MEMBERS: None
ABSENT: AGENCY MEMBERS: None
SECRETARY
-- STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss.
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 05-1, adopted by
the Redevelopment Agency of the City of Santa Clarita, California on January 25, 2005, 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
$845,000
Exhibit A
PROMISSORY NOTE
January 25, 2005
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
Eight Hundred Forty -Five Thousand Dollars ($845,000), 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
0
Executive Director
ATTEST:
By:
Secretary