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RESOLUTION NO. 90 -2980
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF TEMPLE CITY APPROVING AND AUTHORIZ-
ING 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 carry-
ing out various redevelopment activities; 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.
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 11TH DAY OF JULY, 1990.
CITY OF TEMPLE CITY
cA:79 t/t2 ,4?-e'
Mayor
ATTEST:
APPROVED AS TO FORM:
Resolution No. 90 -2980
Page 2
I hereby certify that the foregoing Resolution, Resolution
No. 90 -2980 was duly adopted by the City Council of the City of
Temple City at an adjourned meeting held on the 11th day of
July, 1990 by the following vote:
AYES: Councilmember- Froehle, Manning,McGowan,Wilson,Breazeal
NOES: Councilmember -None
ABSENT: Councilmember -None
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PROMISSORY NOTE WITH INTEREST
$355,000.00 July 11, 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
Three Hundred Fifty -Five Thousand Dollars ($355,000.00).
Interest shall accrue at the rate of Twelve Percent (12 %) per
annum calculated as follows:
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 from land sale proceeds or any other
available funds.
TCRA- NOTE -90 -1
TEMPLE CITY COMMUNITY
REDEVELOPMENT AGENCY
By %a/9-�' 1. V ey e
Chairman
Exhibit " A "