HomeMy WebLinkAbout2006-06-27 - RESOLUTIONS - LOAN ACCEPT (2)— RESOLUTION NO. RDA 06-5
A RESOLUTION OF THE CITY OF SANTA CLARITA
REDEVELOPMENT AGENCY ACCEPTING A LOAN
FROM THE CITY OF SANTA CLARI TA
NOW, THEREFORE, THE REDEVELOPMENT AGENCY OF THE CITY OF SANTA
CLARITA DOES RESOLVE AS FOLLOWS:
SECTION 1. The Redevelopment Agency does hereby accept the offer of a loan in the
amount of Five Million Dollars ($5,000,000) from the City of Santa Clarita, which loan is
authorized pursuant to the Community Redevelopment Law (Section 33000 et sea. 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 27`s day of June, 2006.
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SECRETARY
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss.
CITY OF SANTA CLARTTA )
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 27th day of
June, 2006, by the following vote:
AYES: AGENCY MEMBERS
ABSENT: AGENCY MEMBERS:
Ferry, Smyth, McLean, Kellar, Weste
None
None
40 •
'—' 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 06-5, adopted by
the Redevelopment Agency of the City of Santa Clarita, California on June 27, 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
$5,000,000
PROMISSORY NOTE
June 27, 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 Five Million Dollars
($5,000,000), 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, as published by the Board of Governors of the Federal Reserve System.
$5,000,000 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.
to
SANTA CLARTTA REDEVELOPMENT
AGENCY, REDEVELOPMENT AGENCY
Executive Director
ATTEST:
Un
Secretary