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HomeMy WebLinkAbout2008-05-13 - RESOLUTIONS - SCRDA LOAN AGMT (2)RESOLUTION NO. 08-36 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA CLARITA, CALIFORNIA, MAKING A LOAN TO THE REDEVELOPMENT AGENCY, APPROVING THE REFINANCING AND CONSOLIDATION OF EXISTING LOANS TO THE CITY OF SANTA CLARITA REDEVELOPMENT AGENCY, AND APPROVING THE EXECUTION OF A LOAN AGREEMENT 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 requested to refinance the Prior Notes; and WHEREAS, the Agency also requested the City 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 m,accordance r with a Loan Agreement, dated as of May 13, 2008 (the "Loan Agreement"), the -proposed form of which has been presented to this City Council; and - WHEREAS, the City Council, with the aid of its staff, has reviewed the -documentation related to the issuance of the Note, which documentation is on file with'the City Clerk, ,of the City of Santa Clarita. NOW, THEREFORE, the City Council of the City of Santa Clarita does hereby resolve as follows: SECTION 1. The City hereby makes the offer of a loan in the amount of $5,135,000 to the Agency, 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. SECTION 2. The City hereby approves the Loan Agreement in substantially the form on file with the City Clerk, together with such revisions, amendments, and completions as shall be approved by the Mayor, the City Manager, the Deputy City Manager & Director of Administrative Services, or the City Clerk, 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 Loan Agreement and otherwise to effectuate the purposes of this Resolution and the transactions contemplated hereby. SECTION 4. The City Clerk shall certify to the adoption of this Resolution, and thenceforth and thereafter the same shall be in full force and effect. Notwithstanding the foregoing, such certification and any of the other duties and responsibilities assigned to the City Clerk pursuant to this Resolution may be performed by an Assistant City Clerk with the same force and effect as if performed by the City Clerk hereunder. PASSED, APPROVED AND ADOPTED this 13th day of May, 2008. ATTEST: CITY CLERK" -- .r \ 2 AYOR 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 13th day of May, 2008, by the following vote: AYES: COUNCILMEMBERS: Ender, Weste, Ferry, McLean, Kellar NOES: COUNCILMEMBERS: None ' ABSENT: COUNCILMEMBERS: None 1 1 9 V" -; �' Q. � � CITY 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. 08-36, adopted by the City Council 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 City of Santa Clarita, California, this day of 20—. Sharon L. Dawson, CMC City Clerk By Susan Caputo Deputy City Clerk C i 'l i