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RESOLUTION NO. 90 -3007
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF TEMPLE CITY APPROVING AND AUTHORIZING A
LOAN TO THE TEMPLE CITY COMMUNITY REDEVELOP-
MENT 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
bee 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.
ATTEST:
APPROVED AND ADOPTED THIS 6TH DAY OF NOVEMBER, 1990.
----- "KW
ity Clerk
APPROVED FORM:
City orney
CITY OF TEMPLE CITY
L J )
.Mayor
Resolution No. 90 -3007
Page 2
I hereby certify that the foregoing Resolution, Resolution
No. 90 -3007 was duly adopted by the City Council of the City of
Temple City at a regular meeting held on the 6th day of November,
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
$50,000.00 November 6, 1990
For value received, the TEMPLE CITY COMMUNITY REDEVELOP-
MENT AGENCY ( "Agency ") promises to pay to the CITY OF TEMPLE
CITY ( "City ") at Temple City, California, the sum of Fifty
Thousand Dollars ($50,000.00).
Interest shall accrue at the rate of Twelve Percent (12 %) per
annum. The entire principal and all accrued and unpaid inter-
est shall be due and payable upon Agency's receipt of payment
from Champion /LBS Development Company, but in no event later
than May 16, 1999.
Principal and interest shall be payable in lawful money of the
United States.
TEMPLE CITY COMMUNITY
REDEVELOPMENT AGENCY
By: ...Liza-2 S. 4