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RESOLUTION NO. 89 -2878
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
TEMPLE CITY APPROVING AND AUTHORIZING LOANS TO
TEMPLE CITY COMMUNITY REDEVELOPMENT AGENCY
WHEREAS, the CITY OF TEMPLE CITY ( "City ") is assisting the
Temple City Community Redevelopment Agency ( "Agency ") in carrying out
the Rosemead Blvd. Redevelopment Project No. 1 ( "Project "); and
WHEREAS, the Promissory Note for the Project ( "Note ") has been
prepared from the Agency to the City, in which the Agency shall pay
to the City the amount and on the terms as set forth in said Note,
attached hereto as Exhibit "A ";
NOW, THEREFORE, BE IT RESOLVED BY CITY OF TEMPLE CITY AS FOL-
LOWS:
SECTION 1. The Note is hereby approved and the loan for said
amount is authorized to be made to the Agency.
SECTION 2. The City Clerk shall certify to the passage and
adoption of this resolution and the same shall thereupon take effect
and be in force.
APPROVED AND ADOPTED THIS 20TH DAY OF JUNE, 1989.
Attest:
Chief Deputy C • Cl
MAYOR
RESOLUTION NO. 89 -2878
Approved as to form:
CITY ATTORN Y
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I hereby certify that the foregoing Resolution, Resolution No.
89 -2878 was duly adopted by the City Council of the City of Temple
City at a regular meeting held on the 20th day of June, 1989 by the
following vote:
AYES: Councilmember- Atkins ,Breazeal,Gillanders,Froeh.le
NOES: Councilmember -None
ABSENT:Councilmember -Swain
Chief Deputy it C ►erk
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PROMISSORY NOTE WITH INTEREST
$125,000.00 June 20, 1989
For value received, the TEMPLE CITY COMMUNITY REDEVELOPMENT
AGENCY ( "Agency ") promises to pay to the CITY OF TEMPLE CITY ( "City ")
at Temple City, California, the sum of One Hundred Twenty -five Thou-
sand Dollars ($125,000.00) with interest at the rate of Twelve Per-
cent (12 %) per annum from the date of this note until paid.
The entire principal and all accrued and unpaid interest shall
be due and payable on or before June 30, 1990.
Principal and interest shall be payable in lawful money of the
United States.
Agency shall pay City only from tax increments available to
Agency pursuant to the Redevelopment Plan for the Rosemead Blvd.
Redevelopment Project No. 1 ( "Project ") in accordance with Sections
33670 -33674 of the California Redevelopment Law and Section 19,
Article XIII of the California Constitution.
Attest:
AGENCY SECRETAR
TEMPLE CITY COMMUNITY
REDEVELOPMENT AGENCY
CHAIRMAN
)
Exhibit "A"
Resolution No. 89 -2878