HomeMy WebLinkAbout2008-05-13 - RESOLUTIONS - LOAN ACCEPT (2)RESOLUTION NO. RDA 08-4
A RESOLUTION OF THE CITY OF SANTA CLARITA
REDEVELOPMENT AGENCY ACCEPTING A LOAN FROM THE
CITY OF SANTA CLARITA, AUTHORIZING THE REFINANCING AND
CONSOLIDATION OF EXISTING LOANS FROM THE CITY OF
SANTA CLARITA, AND APPROVING THE EXECUTION OF A
LOAN AGREEMENT AND NOTE RELATED THERETO
WHEREAS, the City of Santa Clarita Redevelopment Agency (the "Agency") is
authorized pursuant to the Community Redevelopment Law, being Part 1 of Division 24
(commencing with Section 33000) of the Health and Safety Code of the State of California (the
"Law"), to incur indebtedness for the purpose of financing certain redevelopment activities
within and/or of benefit to its Newhall Redevelopment Project Area (the "Project Area"); and
WHEREAS, the City of Santa Clarita (the "City") has previously loaned funds to the
Agency for administrative purposes and to fund redevelopment projects of the Agency; and
WHEREAS, a total of 13 promissory notes are outstanding in the aggregate principal
amount of $10,242,068, and together with accrued interest, have an outstanding aggregate
balance due of $11,943,000, as of May 31, 2008 (the "Prior Notes"); and
WHEREAS, the Agency desires and the City has agreed to refinance the Prior Notes; and
WHEREAS, the City has also offered to make a new loan to the Agency in the principal
amount of $5,135,000, and to consolidate the Prior Notes with the new note into a single note in
the principal amount of $17,078,000 (the "Note"), pursuant to and in accordance with a Loan
Agreement, dated as of May 13, 2008 (the "Loan Agreement'), the proposed form of which has
been presented to this Board; and
WHEREAS, the Board of the Agency, with the aid of its staff, has reviewed the
documentation related to the issuance of the Note, which documentation is on file with the
Secretary of the Agency.
NOW, THEREFORE, THE REDEVELOPMENT AGENCY OF THE CITY OF SANTA
CLARITA DOES RESOLVE AS FOLLOWS:
SECTION 1. The Agency hereby accepts the offer of a loan in the amount of
$5,135,000, authorizes the refinancing of the Prior Notes, and authorizes the consolidation of the
new loan with the Prior Notes into a single note in favor of the City in aggregate principal
amount of $17,078,000 in accordance with the Law and pursuant to the terms and conditions of
the Loan Agreement by and between the Agency and the City.
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SECTION 2. The Agency hereby approves the Loan Agreement in substantially the
form on file with the Secretary, together with such revisions, amendments and completions as
shall be approved by the Chairperson, the Vice Chairperson, the Executive Director, the
Treasurer or the Secretary of the Agency, or any designee of any of them (each, an "Authorized
Officer"), such approval to be conclusively evidenced by the execution and delivery thereof by an
Authorized Officer. The date, maturity date, interest rate or rates, form, and other terms of the
Note shall be as provided in the Loan Agreement, as finally executed.
SECTION 3. Any one of the Authorized Officers is hereby authorized and directed,
jointly and severally, to execute and deliver any and all documents and instruments, and to do
and cause to be done any and all acts and things necessary or proper in order to consummate the
execution of the Note and otherwise to effectuate the purposes of this Resolution and the
transactions contemplated hereby.
SECTION 4. This Resolution shall take effect immediately upon its adoption.
PASSED, APPROVED AND ADOPTED this 13th day of May, 2008.
ATTEST:
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SECRETARY
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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 13th day of
May, 2008, by the following vote:
AYES: AGENCY MEMBERS: Ender, Weste, Ferry, McLean, Kellar
NOES: AGENCY MEMBERS: None
ABSENT: AGENCY MEMBERS: None
SECRETARY
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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 08-4, adopted by
the Redevelopment Agency of the City of Santa Clarita, California on May 13, 2008, 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 Coffinan
Deputy Secretary
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