HomeMy WebLinkAbout2006-05-09 - RESOLUTIONS - SCRDA LOAN AUTHORIZATION (2)RESOLUTION NO. 06-40
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 four hundred thirty-nine thousand and four hundred
dollars ($439,400) 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 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.
SECTION 2. The City Clerk shall certify to the adoption of this Resolution and certify
this record to be full, true, correct copy of the action taken.
PASSED, APPROVED AND ADOPTED this 9th day of May, 2006.
I A4 L"
UT
MAYOR
ATTEST:
0-t_CITY CLERK
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss.
CITY OF SANTA CLARTTA )
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 9th day of May, 2006, by the following vote:
AYES:
COUNCILMEMBERS:
Smyth, McLean, Kellar, Ferry
NOES:
COUNCILMEMBERS:
None
ABSENT:
COUNCILMEMBERS:
None
DISQUALIFIED:
COUNCIL IEMBERS:
Weste
1 4.CTTY CLERK
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES
CITY OF SANTA CLARITA
ss.
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. 06-40, adopted by the City Council 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 City of Santa Clarita, California, this _ day of
20_.
Sharon L. Dawson, CMC
City Clerk
By
Susan Coffman
Deputy City Clerk
$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