HomeMy WebLinkAbout2009-12-08 - AGENDA REPORTS - FY 2009 10 MID YEAR BUDGET (2)Agenda Item: W ww��o
CITY OF SANTA CLARITA
JOINT CITY COUNCIL / REDEVELOPMENT AGENCY
AGENDA REPORT
City Manager Approval:
VP
CONSENT CALENDAR Item to be presented by: Darren Herndndez
DATE: December 8, 2009
SUBJECT: FISCAL YEAR 2009-2010 MID -YEAR BUDGET ADJUSTMENTS
DEPARTMENT: Administrative Services
RECOMMENDED ACTION
City Council:
1. Authorize adjustments to fiscal year 2009-10 budget expenditures, revenues, and capital
projects in the amount specified in Attachment A, and adopt a Resolution providing for
Compensation of the Employees of the City.
2. Adopt resolution Approving a Loan from the Valencia Bridge and Thoroughfare District
to the Bouquet Bridge and Thoroughfare District in an amount not to exceed $270,000.
3. Adopt resolution Approving a Loan from the City of Santa Clarita to the Redevelopment
Agency not to exceed $2,550,000 and Note Related Thereto.
Redevelopment Agency:
1. Authorize adjustments to fiscal year 2009-10 budget expenditures, revenues, and capital
projects in the amount specified in Attachment A, and adopt a Resolution providing for
Compensation of the Employees of the City.
2. Adopt resolution Accepting a Loan from the City of Santa Clarita in an amount not to exceed
$2,550,000 and Note Related Thereto.
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BACKGROUND
As the organization approaches the middle of the fiscal year, City staff evaluates the adopted
budget, revenue projections, and economic conditions for the remainder of the fiscal year. It is
standard procedure to perform a mid -year review of the City's budgetary and financial position to
ensure any deviations from the initial budget projections are proactively addressed. Staff also
review requests for appropriations to address new priorities which are unfunded or underfunded.
Recommended mid -year revenue adjustments total $38,605,415. By fund, the revenue
adjustments are as follows:
General Fund
$
592,330
GASB 45 Compliance
$
75,000
Various Grant Funds
$20,364,324
Various Transit Funds
$11,054,170
Gas Tax
$
128,000
Bouquet Bridge and Thoroughfare Districts
$-
22,500
Valencia Bridge and Thoroughfare Districts
$
3,700,713
Bouquet B&T 2nd Access
$-
60,000
Developer Fee Fund
$
350,934
Special Districts
$
2,075,835
Debt Service Funds
$
20,576
Redevelopment Agency
$
326,201
Total Proposed Revenue Adjustments
$38,605,583
In the General Fund, recommended revenue adjustments include increases of $461,078 in
Franchise Fees; $130,000 in Real Property Transfer Tax; $303,210 in Interest Income; $236,852
in Transfers In; and $502,875 in various grant reimbursements. Recommended revenue
adjustments also include decreases in the Property Tax in Lieu of VLF for $210,000 and
Development Revenues for $831,853. Whereas the initial projections for the revenues were
projected estimates, the revised amounts are based on actual data which is currently available.
Recommended adjustment to GASB 45 Compliance Fund is in interest income, which was not
included in the initial projections.
The recommended increases to special revenues include $18.1 million for construction of the
Golden Valley Road Bridge over the Santa Clara River; $5.4 million for the completion of Magic
Mountain/I-5 Interchange; $4.62 million for, the, installation of two solar canopies and solar
carport at the Transit Maintenance Facility as part of the Recovery Act competitive grant
funding; $2 million for the Intelligent Transportation Management System Phase III; and
approximately $300,000 in interest income for the Redevelopment Agency. Other proposed
adjustments to special revenues include revisions to transit revenue funding marks, various grant
budget corrections, and adjustments to special districts to reflect more current data.
—clz -
Recommended mid -year expenditure adjustments total $10,208,901. By fund, these expenditure
adjustments are as follows:
General Fund
$
837,339
Various Grant Funds
$
122,591
Various Transit Funds
$
4,865,000
Bridge and Thoroughfare Districts
$
557,406
Developer Fee Fund
$
19,852
Special Districts
$
1,244,323
Redevelopment Agency
$
2,565,000
Various Miscellaneous Fund
$-
2,610
Total Proposed Expenditure Adjustments $10,208,901
In the General Fund, recommended expenditure adjustments include $100,000 for the
Westfield/Center Point/Golden Valley Partner Agreement for success, as part of the 21 -Point
Plan, which will be used to develop programs that create incentives at increasing levels of future
sales tax generation; $50,000 for water utility costs in parks; and $20,000 to repair the ruptured
sewer line at Newhall Park.
An adjustment for $414,000 is also recommended to cover increased animal control program
costs from Los Angeles County. In an effort to achieve full cost recovery, effective this fiscal
year the County significantly increased its billing rates to its contract cities. The most significant
rate hikes were for dead animal pick-up and daily housing charges for dogs/cats, which increased
76 percent and 62 percent, respectively. Another notable increase of 27 percent was to the fully
burdened hourly rates for field services hours. In addition to rate increases, the number of animal
control calls have increased significantly over the past two years as economic conditions have
deteriorated, resulting in more neglected or abandoned animals. Subsequently, there is an
increase in the number of dogs impounded, an increase in the number of days housed, and
increased calls for field services.
Additionally, the number of licenses issued has been seriously eroding over the past several
years. In fiscal year 07-08, more than 19,465 licenses were issued. In fiscal year 08/09, the
number declined by more than 5,000 licenses to 14,138. For the current fiscal year, if no action
is taken, we project a further decline of nearly an additional 5,000 licenses to 9,424. This would
represent a reduction of 10,000 in the number of annual licenses over three fiscal years.
Given this unprecedented impact, staff is exploring various program alternatives, including
revenue enhancement, enforcement, and potential partnerships with non-profit organizations.
Staff will return to Council later this fiscal year with a proposal.
The recommended Transit Funds expenditure adjustments include an ARRA grant of $4,620,000
for solar canopies and solar carport at the Transit Maintenance Facility.
The recommended expenditure adjustments in the Bridge and Thoroughfare Districts are
reimbursements to Newhall Land and Farm for eligible costs associated with work completed on
Newhall Ranch Road per the second access agreement and for the construction of a traffic signal
at Santa Clarita Parkway and Newhall Ranch Road.
The recommended expenditure adjustment in Special Districts includes $427,000 for the
estimated 12% increase in electric utility for the Street Light Maintenance District and a transfer
from the Ad -Valorem account to the Special Levy account of $690,122.
The recommended expenditure adjustment in Redevelopment Agency includes $2,550,000 for
the construction of Phase 2 of the Newhall Streetscape project. Two blocks of Main Street and
other intersections along Lyons Avenue and Main Street will be improved.
Attachment A details the proposed mid -year revenue and expenditure adjustments.
ALTERNATIVE ACTIONS
Other actions as determined by the City Council/Redevelopment Agency.
FISCAL IMPACT
Adoption of the mid -year adjustments will increase the estimated revenues for all funds in the
amount of $38,605,583 and budgeted expenditures in the amount of $10,208,901.
ATTACHMENTS
2009-10 Mid -Year Requests - Attachment A
Resolution - Loan from Valencia B&T District to the Bouquet B&T District
Resolution - Loan from the City of Santa Clarita to the Redevelopment Agency
Resolution - Redevelopment Agency Accepting Loan from the City of Santa Clarita
Resolution - Providing for Compensation of the Employees of the City
Exhibit A - 2009 Promissory Note
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Attachment A
MID -YEAR EXPENDITURE BUDGET ADJUSTMENT REQUESTS - Non -Departmental
FY 09-10
12/1/2009
Page 2 SABUDGET MANAGEMENT\Master Files\Mid-Year FY 09-10 All Funds\Council 12-8-09\2009-10 Mid -Year Requests 12-9-09.xls —
Request
Expenditures
Number
Fund
Title of Request
Increase/
Reason for Requesting Mid -Year Adjustment
(Decrease)
1
100
Vacation Payout
136,207
Adjustment to Personnel budget to cover for payouts of vacation hours accrued
over the maximum hours allowed.
2
Non -GF
Vacation Payout
17,184
Adjustment to Personnel budget to cover for payouts of vacation hours accrued
over the maximum hours allowed.
3
100
Sick Leave Payout
155,395
Adjustment to Personnel budget to cover for payouts of sick leave hours
accrued over the maximum hours allowed.
4
Non -GF
Sick Leave Payout
26,826
Adjustment to Personnel budget to cover for payouts of sick leave hours
accrued over the maximum hours allowed.
5
100
Frozen Position/Personnel adjustments
(204,940)
Frozen positions ( net 7), updated PAFs, updated retiree count (9), updated
Worker's Comp codes, updated Life Insur rates, updated Unemployment costs.
6
Non -GF
Frozen Position/Personnel adjustments
(88,652)
Frozen positions ( net 7), updated PAFs, updated retiree count (9), updated
Worker's Comp codes, updated Life Insur rates, updated Unemployment costs.
7
100
Interim Labor Compliance Position
49,933
Correct personnel adjustment for the interim labor compliance position.
The interim labor compliance person has spent 6 hours per week for August
8
Non -GF
Charges to LMD for labor compliance audit
17,415
and September, and will spend approximately 10 hours per week for the
remainder of FY 09-10 on providing labor compliance services for LMD. This
portion of their salary should be apportioned to all LMD zones.
9
100
Cafeteria Increase
21,439
New Cafeteria rates
10
Non -GF
Cafeteria Increase
4,041
New Cafeteria rates
10
Total
134,848
12/1/2009
Page 2 SABUDGET MANAGEMENT\Master Files\Mid-Year FY 09-10 All Funds\Council 12-8-09\2009-10 Mid -Year Requests 12-9-09.xls —
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Attachment A
MID -YEAR BUDGET ADJUSTMENT REQUESTS - TRANSFER IN & OUT
FY 09-10
121112009 1
Page 11 S:IBUDGET MANAGEMENT\Master Files\Mid-Year FY 09-10 All Funds\Council 12-5-092009-10 Mid -Year Requests 12-9-09.x1s
Request
Number Dept Fund
Division
Account
Title of Request / Acct Title
Mid -Year
Adjustment
Request `
Reason for Requesting Mid -Year Adjustment
1 ND 100
NO
4711.306
Transfer from Fire District
19,852
Transfer from Fire Dist to GF to reimburse admin cost
2 NO 100
NO
4711.230
Transfer from Gas Tax
2,000
Transfer to cover Urban Forestry uniforms
3 NO 100
NO
4711.231
Transfer from Traffic Safety
215,000
Transfer to General Fund
4 ND 262
NO
4711.305
Transfer from Park Dedication
27,000
Transfer to Park A Park Bond- refund to County for disposal of
property
5 NO 359
NO
4711.354
Transfer from Ad Valorem
690,122
Transfer from Ad Valorem to cover Special Levy operating cost
6 NO 390
NO
4711.100
Transfer from General Fund
16,405
Transfer from General Fund for RDA pass-thru
7 NO 390
NO
4711.354
Transfer from SCLD-Ad Valorem
49,701
Transfer from SCLD for RDA pass-thru
8 ND 503
NO
4711.802
Transfer from CFD VTC 2002-1
20,576
Transfer to pay debt service obligations
Transfer In Tom IME
me=
��' M OEM
1 ND 306
NO
5501.100
Transfer to General Fund
19,852
Transfer from Fire Dist to GF to reimburse admin cost
2 ND 230
NO
5501.100
Transfer to General Fund
2,000
Transfer to cover Urban Forestry uniforms
3 ND 231
NO
5501.100
Transfer to General Fund
215,000
Transfer from Traffic Safety
4 ND 305
NO
5501.262
Transfer to Prop A Park Bond
27,000
Transfer to Park A Park Bond- refund to County for disposal of
property
5 ND 354
NO
5501.359
Transfer to SCLD-Spcl Levy
690,122
Transfer from Ad Valorem to cover Special Levy operating cost
6 ND 100
ND
5501.390
Transfer to RDA
16,405
Transfer from General Fund for RDA pass-thru
7 ND 354
NO
5501.390
Transfer to RDA
49,701
Transfer from SCLD for RDA pass-thru
8 NO 802
NO
5501.503
Transfer to DS CFD VTC 2002-1
20,576
Transfer to pay debt service obligations
121112009 1
Page 11 S:IBUDGET MANAGEMENT\Master Files\Mid-Year FY 09-10 All Funds\Council 12-5-092009-10 Mid -Year Requests 12-9-09.x1s
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6;—
RESOLUTION NO. 09 —
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SANTA CLARITA, CALIFORNIA, APPROVING A LOAN
FROM THE VALENCIA BRIDGE & THOROUGHFARE DISTRICT TO THE BOUQUET
BRIDGE & THOROUGHFARE DISTRICT, IN THE AMOUNT OF $270,000
WHEREAS, there are sufficient funds in the Valencia Bridge & Thoroughfare District to
make a loan in the amount of $270,000 to the Bouquet Bridge & Thoroughfare District; and
WHEREAS, the funds will be used to reimburse Newhall Land and Farm for the
construction of traffic signal along Santa Clarita Parkway and Newhall Ranch Road; and
NOW, THEREFORE, the City Council of the City of Santa Clarita does hereby resolve as
follows:
SECTION 1. It is agreed that $270,000 from the Valencia Bridge & Thoroughfare will be
loaned to the Bouquet Bridge & Thoroughfare District.
SECTION 2. The amount of the loan will be paid back at a future time when funds in the
amount of $270,000 are available to repay the loan back to the Valencia Bridge & Thoroughfare
District.
SECTION 3. The loan will be paid back at an interest rate equivalent to the yield of the
average monthly investment portfolio.
SECTION 4. The City Clerk shall certify to the adoption of this Resolution.
PASSED, APPROVED AND ADOPTED this day of , 2009.
MAYOR
ATTEST:
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 8th day of December, 2009, by the following vote:
AYES: COUNCILMEMBERS:
NOES: COUNCILMEMBERS:
ABSENT: COUNCILMEMBERS:
CITY CLERK
2
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss.
CITY OF SANTA CLARITA )
CERTIFICATION OF
CITY COUNCIL RESOLUTION
I, Sharon L. Dawson, CMC, City Clerk of the City of Santa Clarita, do hereby certify that this is a
true and correct copy of the original Resolution No. 09- , adopted by the City Council of the City
of Santa Clarita on December 8, 2009, 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
/Q_
RESOLUTION NO.
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SANTA CLARITA, CALIFORNIA, MAKING A LOAN
TO THE REDEVELOPMENT AGENCY
OF THE CITY OF SANTA CLARITA,
AUTHORIZING AND APPROVING THE EXECUTION
OF A PROMISSORY NOTE IN THE AMOUNT OF
$2,550,000 RELATED THERETO
WHEREAS, the Redevelopment Agency of the City of Santa Clarita (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, there are sufficient funds in the Developer Fee Fund (San Fernando Road
Relinquishment Funds) to make a loan in the amount, of $2,550,000 to the Agency; and
WHEREAS, the funds will be used for completion of the Newhall Streetscape Phase II;
and
WHEREAS, the Agency requested the City make a new loan to the Agency in the
principal amount of $2,550,000 (the "Note"), dated as of December 8, 2009, 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 $2,550,000 to
the Agency in accordance with the law and pursuant to the terms and conditions of the
Promissory Note by and between the City and the Agency.
SECTION 2. The City hereby approves the Loan in substantially the form attached
hereto as Exhibit A, together with such revisions, amendments, and completions as shall be
approved by the Mayor, the City Manager, the Deputy City Manager, 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, and form and other terms of the Note shall be as provided in the
Promissory Note, 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 day of December 2009.
CITY OF SANTA CLARITA
MAYOR
ATTEST:
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 day of December 2009, by the following vote:
AYES: COUNCILMEMBERS:
NOES: COUNCILMEMBERS:
ABSENT: COUNCILMEMBERS:
CITY CLERK
2 ,
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss.
CITY OF SANTA CLARITA)
I, , 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 day of , 2010, by the following
vote:
AYES: COUNCILMEMBERS:
NOES: COUNCILMEMBERS:
ABSENT: COUNCILMEMBERS:
CITY CLERK
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss.
CITY OF SANTA CLARITA )
CERTIFICATION OF
CITY COUNCIL RESOLUTION
I, , City Clerk of the City of Santa Clarita, do hereby
certify that this is a true and correct copy of the original Resolution 10- adopted by the City
Council of the City of Santa Clarita, California on , 2010, which is now on file in my
office.
Witness my hand and seal of the City of Santa Clarita, California, this day of
, 2010.
City Clerk
By
Deputy City Clerk
M
-a3
RESOLUTION NO. RDA
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF
SANTA CLARITA, CALIFORNIA, ACCEPTING A LOAN FROM THE CITY
OF SANTA CLARITA DEVELOPER FEE, AUTHORIZING AND
APPROVING THE EXECUTION OF A PROMISSORY NOTE IN THE
AMOUNT OF $2,550,000 RELATED THERETO
WHEREAS, the Redevelopment Agency of the City of Santa Clarita (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, there are sufficient funds in the Developer Fee Fund (San Fernando Road
Relinquishment Funds) to make a loan in the amount of $2,550,000 to the Agency; and
WHEREAS, the funds will be used for completion of the Newhall Streetscape Phase II;
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 REDEVELOPMENT AGENCY DOES RESOLVE AS FOLLOWS:
SECTION 1. The Agency hereby accepts the offer of a loan in the amount of $2,550,000,
in accordance with the Law and pursuant to the terms and conditions of the Promissory Note by
and between the Agency and the City.
SECTION 2. The Agency hereby approves the Loan in substantially the form attached
hereto as Exhibit A, 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 Promissory Note, 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.
a*_
SECTION 4. This Resolution shall take effect immediately upon its adoption.
PASSED, APPROVED, AND ADOPTED by the Board of the Redevelopment Agency of
the City of Santa Clarita, at a regular meeting held on the day of December, 2009.
REDEVELOPMENT AGENCY
OF THE CITY OF SANTA CLARITA
CHAIR
ATTEST:
SECRETARY
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 day of
December 2009, by the following vote:
AYES: AGENCY MEMBERS
NOES: AGENCY MEMBERS
ABSENT: AGENCY MEMBERS
2
SECRETARY
.2S"
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss.
CITY OF SANTA CLARITA )
I, Sharon L. Dawson, MMC, 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 day of , 2009, by the following vote:
AYES: COUNCILMEMBERS:
NOES: COUNCILMEMBERS:
ABSENT: COUNCILMEMBERS:
CITY CLERK
- a6 -
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 09- adopted by the City Council of the City of
Santa Clarita, California on , 2009, which is now on file in my office.
Witness my hand and seal of the City of Santa Clarita, California, this day of
, 2009.
Sharon L. Dawson, MMC
City Clerk
By
Susan Caputo, CMC
Deputy City Clerk
4
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A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF SANTA CLARITA, CALIFORNIA,
WHEREAS, Section 37206 of the Government Code requires the City Council to
prescribe the time and method of paying salaries, wages and benefits for employees of the City;
and
WHEREAS, the City Council has authorized and directed, under provisions of the
Municipal Code of the City of Santa Clarita, Section 2.080.060, the City Manager to prepare a
proposed salary plan for all employees of the City.
NOW, THEREFORE, the City Council of the City of Santa Clarita does hereby
resolve as follows:
SECTION 1. The employee benefit program is hereby amended to include the
following change for unrepresented and represented employees effective the first pay day in
January 2010:
Current Benefit
Benefit Chanize
Cafeteria Plan $1,006.26/month Increase to $1,016.58/month
SECTION 2. All prior resolutions and parts of resolutions in conflict with this
resolution are hereby rescinded.
SECTION 3. The City Clerk shall certify to the adoption of this Resolution.
PASSED, APPROVED, AND ADOPTED this 8th day of December, 2010.
MAYOR
ATTEST:
CITY CLERK
—c9g—
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 8th day of December, 2010, by the following vote:
AYES: COUNCILMEMBERS:
NOES: COUNCILMEMBERS:
ABSENT: COUNCILMEMBERS:
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CITY CLERK
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss.
CITY OF SANTA CLARITA )
CERTIFICATION OF
CITY COUNCIL RESOLUTION
I, , City Clerk of the City of Santa Clarita, do hereby
certify that this is a true and correct copy of the original Resolution 09- adopted by the City
Council of the City of Santa Clarita, California on , 2009, which is now on file in my
office.
Witness my hand and seal of the City of Santa Clarita, California, this 8th day of December,
2009.
City Clerk
By
Deputy City Clerk
3
30-
EXHIBIT A
2009 PROMISSORY NOTE
(CITY)
Santa Clarita, California
$2,550,000 Principal Amount Dated: , 2009
Maturity Date: June 1, 2043
A. The REVELOPMENT AGENCY OF THE CITY OF SANTA CLARTTA (the
"Borrower"), and the CITY OF SANTA CLARITA ("Lender"), have entered into
that certain Loan Agreement dated as of December 8, 2009 ("Note"). This Note is
made pursuant to, entitled to the benefits of, and referred to as the "2009 Note".
B. Pursuant to the Note, Lender has agreed to make a new loan to Borrower for
certain outstanding obligations of Borrower, subject to the terms thereof. To
induce Lender to make such new loan, Borrower has agreed, among other things
to execute this Note.
NOW, THEREFORE, in consideration of the foregoing, Borrower hereby agrees as
follows:
1. Principal. The Borrower promises to pay to the order of the Lender at 23920
Valencia Boulevard, Santa Clarita, California 91355, or at such other place as
Lender may from time to time designate in writing or to the assignee of Lender,
the principal sum of Two Million Five Hundred -Fifty Thousand Dollars
($2,550,000) ("Principal'), with interest, as set forth in this Note.
2. Interest. Commencing on the date of this Note first written above, the principal
amount of this Note shall bear an interest rate equivalent to the yield of the
average monthly investment portfolio of the City.
Repayment Terms.
a. Borrower shall make payments to the Lender as provided in this Section 3.
This Note shall mature on June 1, 2043 (the "Maturity Date"). All
payments of outstanding principal and accrued interest on this Note are
due on the Maturity Date.
b. In accordance with the Note, Borrower shall have the right to make
payments on this Note on any date. Any payments received by the Lender
pursuant to the terms hereof shall be applied first to sums, other than
principal and interest, due the Lender pursuant to this Note, next to the
payment of all interest accrued to the date of such payment, and the
balance, if any, to the payment of principal.
C. Consistent with the proper and orderly implementation of the
Redevelopment Plan for the Newhall Redevelopment Project (the "Project
Area"), all payments made by Borrower pursuant to this Note shall be
made from legally available funds of the Project Area.
d. Borrower's obligation to make any payment to Lender shall not be
construed as a "pledge" of property tax revenue for the purposes of
Section 33671.5 of the California Community Redevelopment Law
(Health & Safety Code Section 33000 et seq.).
e. The indebtedness of the Borrower created by this Note and any future
notes under shall be subordinate to the Borrower's existing indebtedness
and bond issuance(s) and the refunding or refinancing thereof, and any
future bonds and all other future indebtedness the Borrower may issue
and/or incur. Indebtedness includes any indebtedness incurred by the
Borrower for bonds, notes, interim certificates, debentures, certificates of
participation, loans, statutory passthrough payments or other obligations
issued by the Borrower, other than this Note.
4. Prepayment. Borrower may refinance or prepay the outstanding indebtedness
under this Note, in whole or in part, together with any accrued but unpaid interest
and other sums owed to the Lender under this Note, at any time and from time to
time, without penalty.
5. Lawful Money. All sums due and owing under this Note are payable in lawful
money of the United States of America.
6. Event of Default.
a. Upon the failure of Borrower to perform or observe any term or provision
of this Note, then the Lender may exercise its rights or remedies
hereunder.
b. Subject to the provisions of Section 7 and 15 hereof, the occurrence of any
of the following shall be deemed to be an event of default ("Event of
Default) hereunder:
(1) Failure by Borrower to make any payments provided for herein; or
(2) Failure by Borrower to perform any covenant or agreement in this
Note.
7. Notice of Default.
a. Subject to the extensions of time set forth in Section 15, and subject to the
further provisions of this Section 7, failure or delay by Borrower to
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perform any material term or provision of this Note constitutes a default
under this Note. Any failures or delays by Lender in asserting any of its
rights and remedies as to any default shall not operate as a waiver of any
default or of any such rights or remedies. Delays by Lender in asserting
any of its rights and remedies shall not deprive Lender of its right to
institute and maintain any actions or proceedings which it may deem
necessary to protect, assert, or enforce any such rights or remedies.
b. Upon any default described in this Section 7, Lender shall deliver written
notice to Borrower ("Notice of Default'), which notice shall specify the
nature of the default.,If the default is not cured within ten (10) days after
receipt of the Notice of Default if an obligation to pay money, or within
thirty (30) days after receipt of the Notice of Default otherwise, or if such
default (other than the payment of money) is of a type which is not
capable of being cured within thirty (30) days after receipt of the Notice of
Default (or if commencement of a cure cannot reasonably begin within
thirty (30) days, then within such reasonable period of time as Lender may
allow to commence to cure the default) and is not cured promptly in a
continuous and diligent manner within a reasonable period of time after
commencement, Lender shall be entitled to exercise any and all rights `or
remedies which may be available at law or in equity. Any and all rights or
remedies available to Lender shall be. cumulative, not alternative.
C. Any notice of default that is transmitted by electronic facsimile
transmission followed by delivery of a "hard" copy shall be deemed
delivered upon its transmission; any notice of default that is personally
delivered (including by means of professional messenger service, courier
service such as United Parcel Service or Federal Express, or by U.S.
Postal Service), shall be deemed received on the documented date of
receipt by Borrower, or two (2) days after deposit of such notice in the
United States mail, postage prepaid, return receipt requested. Any notice
to any party shall be addressed to the party as follows:
Lender: City of Santa Clarita
23920 Valencia Boulevard
Santa Clarita, CA 91355
Attn: Deputy City Manager
Borrower: Redevelopment Agency of the City of Santa Clarita
23920 Valencia Boulevard
Santa Clarita, CA 91355
Attn: Treasurer
9. Remedies. Upon the occurrence of an Event of Default, the giving of notice and
the expiration of any applicable cure period therefore, Lender may declare all
sums evidenced hereby immediately due and payable by delivery to the Borrower
of a written declaration of default and demand for payment.
10. Waiver. Borrower hereby waives diligence, presentment, protest and demand,
notice of protest, dishonor and nonpayment of this Note, and expressly agrees
that, without in any way affecting the liability of Borrower hereunder, Lender
may extend any maturity date or the time for payment of any installment due
hereunder, accept additional security, release any party liable hereunder and
release any security now or hereafter securing this Note. Borrower further waives,
to the full extent permitted by law, the right to plead any and all statutes of
limitations as a defense to any demand on this Note, or on any deed of trust,
security agreement, guaranty or other agreement now or hereafter securing this
Note.
11. Attorneys' Fees. In the event of any dispute, legal proceeding, foreclosure or
other enforcement action, reference or arbitration between the parties arising out
of or relating to this Note or its breach, the prevailing party shall be entitled to
recover from the nonprevailing party all fees, costs and expenses, including but
not limited to attorneys' and expert witness fees, incurred in connection with such
dispute, legal proceeding, foreclosure or other enforcement action, reference or
arbitration, with any counterclaims or crosscomplaints, with any appeals, and with
any proceeding to establish and recover such costs and expenses, in such amount
as the court deems reasonable.
12. Severability. Every provision in this Note is intended to be severable. In the
event any term or provision hereof is declared by a court of competent jurisdiction
to be illegal or invalid for any reason whatsoever, such illegality or invalidity
shall not affect the balance of the terms and provisions hereof, which terms and
provisions shall remain binding and enforceable.
13. Interest Rate Limitation. It is the intent of the Borrower and Lender in the
execution of this Note and all other instruments securing this Note that the loan
evidenced hereby be exempt from the restrictions of the usury laws of the State of
California. The Lender and Borrower stipulate and agree that none of the terms
and provisions contained herein or in any of the loan instruments shall ever be
construed to create a contract for the use, forbearance or detention of money
requiring payment of interest at a rate in excess of the maximum interest rate
permitted to be charged by the laws of the State of California. In such event, if the
Lender shall collect monies which are deemed to constitute interest, which would
otherwise increase the effective interest rate on this Note to a rate in excess of
such maximum rate shall, at the option of the Lender, be credited to the payment
of the sums hereunder or returned to Borrower.
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14. Number and Gender. In this Note, the singular shall include the plural and the
masculine shall include the feminine and neuter gender, and vice versa, if the
context so requires.
15. Enforced Delay. For purposes of any provision of this Note, no party, nor any
successors or assign of any party, shall be considered in breach of, or default in,
its obligations under this Note as a result of the enforced delay in the performance
of such obligations due to causes beyond such party's reasonable control,
including, without limitation, failure of governmental agencies to act or to issue
necessary permits or licenses, acts of God, acts of the public enemy, acts of the
State or Federal governments, acts of any other party (including, but not limited
to, delays in performing such other party's obligations pursuant to this Note),
fires, floods, epidemics, quarantine restrictions, strikes, labor disputes, freight
embargoes, inability to obtain materials or supplies or unusually severe weather or
delays of contractors and subcontractors due to such causes; it being the purpose
and intent of this provision that in the event of the occurrence of any such
enforced delay, the time or times for performance of the obligations of such party
shall be extended for the period of the enforced delay.
16. Nonrecourse Obligation. Notwithstanding anything contained to the contrary in
this Note, this Note shall be payable by Borrower without personal liability of the
Borrower, or any officer, director, agent, attorney, servant or employee of
Borrower, and the Note holder shall have no recourse for such payment with
interest except against the Property against which this Note is secured.
IN WITNESS WHEREOF, Borrower has executed this Note as of the day and
year set forth above.
Attest:
Sharon L. Dawson
Secretary
REDEVELOPMENT AGENCY OF THE
CITY OF SANTA CLARITA
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Kenneth R. Pulskamp
Executive Director