HomeMy Public PortalAboutResolution 90-29241
RESOLUTION NO. 90 -2924
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF TEMPLE CITY APPROVING A LOAN TO THE CITY
OF TEMPLE CITY
WHEREAS, the CITY OF TEMPLE CITY ( "City ") is acquiring
certain real property at 5803 - 5807 Rosemead Blvd. and 8917
-8923 Elm Ave., Temple City (the "Parcel "); and
WHEREAS, the City desires to borrow funds for such purchase
from Champion /LBS Associates Development Company in the amount of
$650,000.00 in connection with such acquisition;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY OF TEMPLE CITY AS
FOLLOWS:
SECTION 1. The City is hereby authorized to borrow $650,000
with interest at a rate of not to exceed twelve percent (12 %) for
a term of not to exceed one year and on such other terms as the
City Manager may approve.
SECTION 2. The City Manager is authorized to execute a
promissory note on behalf of the City evidencing such loan and to
execute a trust deed encumbering the Parcel as security for such
note.
SECTION 3. 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 2nd day of January, 1990.
ATTEST:
Mayor
Resolution No. 90 -2924
Approved as to form:
City Attorne
Page 2
I hereby certify that the foregoing Resolution, Resolution
No. 90 -2924 was duly adopted by the City Council of the City of
Temple City at a regular meeting held on January 2, 1990 by the
following vote of the Council:
AYES: Councilmember- Atkins,Breazeal ,Gillanders,Swain,Froehle
NOES: Councilmember -None
ABSENT: Councilmember -None