HomeMy WebLinkAbout2011-03-08 - RESOLUTIONS - AMENDED RESTATED RDA 2008 LOAN (3)I
RESOLUTION NO. 11-7
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA
CLARITA, CALIFORNIA, AUTHORIZING MODIFICATIONS TO A LOAN
AGREEMENT WITH THE REDEVELOPMENT AGENCY OF THE CITY OF
SANTA CLARITA AND APPROVING THE EXECUTION OF AN AMENDED
AND RESTATED LOAN AGREEMENT
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, the City of Santa Clarita (the "City") previously loaned funds to the Agency
for administrative purposes and to fund redevelopment projects of the Agency evidenced by a
total of thirteen (13) promissory notes in the aggregate principal amount of $10,242,068, and
together with accrued interest, with an outstanding aggregate balance due of $11,943,000 as of
May 31, 2008 (the "Prior Notes"); and
' WHEREAS, On May 13, 2008, the City made a new loan in the principal amount of
$5,135,000 to the Agency to fund redevelopment projects of the Agency pursuant to and in
accordance with a Loan Agreement dated as of May 13, 2008 (the "Loan Agreement"), pursuant
to which Loan Agreement the new loan and the Prior Notes were consolidated into a single note
in the principal amount of $17,078,000 (the "2008 Note"); and
WHEREAS, on March 8, 2011, in accordance with the terms and provisions of the Loan
Agreement, the Agency prepaid a portion of the 2008 Note in the amount of $7,700,000,
representing $3,359,928.94 of accrued interest and $4,340,071.06 of principal repayment; and
WHEREAS, the Agency and the City desire to modify the Loan Agreement to (i)
reestablish and reaffirm the terms and conditions upon which the 2008 Note was made, including
the addition of a debt service repayment schedule, (ii) evidence the partial repayment of the 2008
Note, and (iii) clarify the source of repayment of the 2008 Note, including the Agency's pledge
of tax increment revenues securing the 2008 Note, all as provided and further described in the
Amended and Restated Loan Agreement, dated as of March 8, 2011 (the "Amended and Restated
Loan Agreement"), the proposed form of which has been presented to this City Council; and
WHEREAS, the Board of the Agency, with the aid of its staff, has reviewed the Amended
and Restated Loan Agreement and related documentation, which documentation is on file with
' the Secretary of the Agency;
WHEREAS, the City Council, with the aid of its staff, has reviewed the Amended and
Restated Loan Agreement and related documentation, which documentation is on file with the I 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. In accordance with the Law and the terms and provisions of the Loan
Agreement, the City hereby approves the modifications and clarifications to the Loan Agreement
as set forth in the Amended and Restated Loan Agreement, including the addition of a debt
service repayment schedule and the pledge of tax increment revenues securing the 2008 Note.
SECTION 2. The City hereby approves the Amended and Restated 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 2008 Note shall be as provided in the Amended and Restated Loan Agreement, as
finally re -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. This Resolution shall take effect immediately upon its adoption.
SECTION 5. 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 a Deputy City Clerk with the same force
and effect as if performed by the City Clerk hereunder.
PASSED, APPROVED AND ADOPTED this 8th day of March, 2011.
MAYOR
ATTEST:
ACTING TY CLERK '
DATE: - G"
2
' STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss.
CITY OF SANTA CLARITA )
I, Kevin Tonoian, Acting City Clerk of the City of Santa Clarita, 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 8th day of March, 2011, by the following vote:
AYES: COUNCILMEMBERS: Kellar, Ender, Weste, McLean
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: Ferry
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss. ,
CITY OF SANTA CLARITA )
CERTIFICATION OF
CITY COUNCIL RESOLUTION
1, , City Clerk of the City of Santa Clarita, do hereby
certify that this is a true and correct copy of the original Resolution No. 11-7 adopted by the City
Council of the City of Santa Clarita, California on March 8, 2011, which is now on file in my
office.
Witness my hand and seal of the City of Santa Clarita, California, this _ day of
2011.
City Clerk
By
Deputy City Clerk
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