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RESOLUTION NO. 90 -3019
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
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 City
Treasurer is authorized to lend the Agency the amount reflected
in the Note.
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.
ATTE
APPROVED AND ADOPTED THIS 18TH DAY OF DECEMBER, 1990.
City Clerk.
APPRO}3`Eb AS TO IRIS; :
Cit A 'tarney
CITY OF TEMPLE CITY
Li-e4)777,47.
Mayor
Resolution No. 90 -3019
Page 2
I hereby certify that the foregoing Resolution, Resolution
No. 90 -3019 was duly adopted by the City Council of the City of
Temple City at a regular meeting held on the 18th day of Decem-
ber, 1990 by the following vote:
AYES: Councilmember- Froehle,McGowan,Wilson,Breazeal
NOES: Councilmember -None
ABSENT: Councilmember- Manning
City Clerk
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PROMISSORY NOTE WITH INTEREST
$573,100.00 December 18, 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 Five
Hundred Seventy Three Thousand One Hundred Dollars
($573,100.00).
Interest shall accrue at the rate of Twelve Percent (12 %) per
annum. A payment of principal shall be due and payable upon
Agency's receipt of payment from Bank of America NT & SA pursu-
ant to that Participation Agreement between the Agency and Bank
of America. The balance of the principal and all accrued and
unpaid interest shall be due and payable not later than May 16,
1999.
Principal and interest shall be payable in lawful money of the.
United States.
ATTEST:
Agency Secr
TEMPLE CITY COMMUNITY
REDEVELOPMENT AGENCY
By:
!,
Chairman