HomeMy WebLinkAbout2007-06-12 - RESOLUTIONS - SCRDA LOAN AUTHORIZATION (2)RESOLUTION NO. 07-44
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 One Million Dollars ($1,000,000), 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 a full, true, correct copy of the action taken.
PASSED, APPROVED AND ADOPTED this 12th day of June, 2007.
MAYOR
ATTEST:
A"
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 12th day of June, 2007, by the following vote:
AYES: COUNCILMEMBERS: Kellar, Boydston, Ferry, Weste, McLean
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: None
X 'Qr "'.-
CITY CLERK
_ STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss.
CITY OF SANTA CLARITA )
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. 07-44, adopted by the City Council of the City of
Santa Clarita, California on June 12, 2007, 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 Caputo
Deputy City Clerk
$1,000,000
PROMISSORY NOTE
June 12, 2007
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 One Million Dollars
($1,000,000), 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.
$1,000,000 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.
SANTA CLARITA REDEVELOPMENT
AGENCY, REDEVELOPMENT AGENCY
By:
Executive Director
ATTEST:
By:
Secretary