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RESOLUTION NO. 90 -2925
A RESOLUTION OF THE CITY OF TEMPLE CITY
COUNCIL APPROVING AND AUTHORIZING A LOAN TO
THE 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 THE CITY OF TEMPLE CITY AS
FOLLOWS:
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.
ADOPTED AND APPROVED this 2nd day of January, 1990.
Approved as to form:
Mayor
Resolution No. 90 -2925 Page 2
I hereby certify that the foregoing Resolution, Resolution
No. 90 -2925 was duly adopted by the City Council of the City of
Temple City at a regular meeting held on the 2nd day of January,
1990 by the following vote:
AYES: Councilmember- Atkins,Breazeal ,Gillanders,Swain,Froehle
NOES: Councilmember -None
ABSENT: Councilmember -None
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PROMISSORY NOTE WITH INTEREST
$700,000.00 January 2, 1990
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 Seven Hundred
Thousand Dollars ($700,000.00) with interest at the rate of
Twelve Percent (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 May 16, 1999.
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 Sec-
tions 33670 -33674 of the California Redevelopment Law and to all
prior indebtedness of the Agency and any tax increment bonds
which the Agency may issue in the future with the consent of the
City of Temple City.
ATTEST:
Secretary
Executive Director
RESOLUTION NO. 90 -2925
Exhibit A