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RESOLUTION NO. 90 -2973
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
TEMPLE CITY 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 CITY OF TEMPLE CITY AS
FOLLOWS:
SECTION 1. The Note is hereby approved.
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 19TH day of June, 1990.
APPROVED AS TO FORM:
City Attorney
CITY OF TEMPLE CITY
Ji-e3mmayora d
Resolution No. 90 -2973 Page 2
I hereby certify that the foregoing Resolution, Resolution
No.90 -2973 was duly adopted by the City Council of the City of
Temple City at a regular meeting held on the 19th day of June,
1990, by the following vote:
AYES: Councilmember- Froehle, Manning,McGowan,Wilson,Breazeal
NOES: Councilmember -None
ABSENT: Councilmember -None
City Clerk
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PROMISSORY NOTE WITH INTEREST
$750,000.00 June 19, 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 Fifty Thousand Dollars ($750,000.00).
This note supercedes and replaces that certain prior note from
the Agency to the City for $125,000.00 dated as of June 20, 1989,
and includes certain loans previously made, namely a loan for
$300,000.00 made as of July 3, 1989, a loan for $225,000.00 made
as of August 29, 1989, and a loan for $100,000.00 made as of
October 17, 1989.
Interest shall accrue at the rate of Twelve Percent (12 %) per
annum calculated as follows:
from June 20, 1989, interest on the principal amount of $125,000
from July 3, 1989, interest on the principal amount of $425,000
from Aug. 29, 1989, interest on the principal amount of $650,000
from Oct. 17, 1989, interest on the principal amount of $750,000
until this note is paid in full.
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
Sections 33670 -33674 of the California Redevelopment Law and
Section 19, Article XIII of the California Constitution, subject
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:
TEMPLE CITY COMMUNITY
REDEVELOPMENT AGENCY
By *J.571lLl ,c: 11/zeeri,ea,Z-
Chairma
Agency Secretary
Exhibit "A"