HomeMy WebLinkAbout2006-05-09 - RESOLUTIONS - LOAN ACCEPT (2)RESOLUTION NO. RDA 06-3
A RESOLUTION OF THE CITY OF SANTA CLARTTA
REDEVELOPMENT AGENCY ACCEPTING A LOAN
FROM THE CITY OF SANTA CLARITA
THE REDEVELOPMENT AGENCY OF THE CITY OF SANTA CLARTTA DOES
HEREBY RESOLVE AS FOLLOWS:
SECTION 1. The Redevelopment Agency does hereby accept the offer of a loan in the
amount of four hundred thirty-nine thousand and four hundred dollars ($439,400) 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 Exhibit 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 9th day of May, 2006.
ATTEST:
t{ gt,SECRETARY
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss.
CITY OF SANTA CLARI TA )
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 9th day of May,
2006, by the following vote:
AYES:
AGENCY MEMBERS:
Smyth, McLean, Kellar, Ferry
NOES:
AGENCY MEMBERS:
None
ABSENT:
AGENCY MEMBERS:
None
DISQUALIFTTED:
AGENCY MEMBERS:
Weste
J-6SECRETARY
Pj
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 06-3, adopted by
the Redevelopment Agency of the City of Santa Clarita, California on May 9, 2006, 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
$439,400
EXHIBIT A
PROMISSORY NOTE
May 9, 2006
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 four hundred thirty-
nine thousand and four hundred dollars ($439,400), together with the 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 terms thereof, as published by the Board of Governors of
the Federal Reserve System. $439,400 is to be repaid 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.
By:
ATTEST:
By:
SANTA CLARITA REDEVELOPMENT
AGENCY, REDEVELOPMENT AGENCY
Executive Director
Secretary