HomeMy WebLinkAbout2010-06-22 - RESOLUTIONS - LOAN RDA FROM CITY SC (2)RESOLUTION NO. 10-42
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, IN THE AMOUNT OF $2,309,886
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 Rd.
Relinquishment Funds) to make a loan in the amount of $2,309,886 tc the Agency; and`
WHEREAS, the funds will be used for completion of the Newhall .Streeiseape Phase II;
and - -
WHEREAS, the Agency requested the City make a new loan f6 tyre Agency in the
principal amount of $2,309,886, dated as of June 22, 2010; 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 hereby resolves and
orders as follows:
SECTION 1. The City hereby makes the offer of a loan in the amount of $2,309,886 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, 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, 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 22nd day of June, 2010.
ATTEST:
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C vv
CITY CLERK
STATE OF CALIFOR-N-:A )
COUNTY OF LOS ANGELES ) ss.
CITY OF SANTA CLARITA )
I, Sarah P. Gorman, 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 22nd day of June, 2010, by the following vote:
AYES: COUNCILMEMBERS:
NOES: COUNCILMEMBERS
RECUSED: COUNCILMEMBERS:
ABSENT: COUNCILMEMBERS
2
Kellar, McLean, Ferry, Ender
None
Weste
None
u
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 No. 10-42, adopted by the
City Council of the City of Santa Clarita, California on June 22, 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
J