HomeMy Public PortalAboutResolution 95-3397RESOLUTION NO. 95 -3397
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 Boulevard Redevelopment Project
( "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.
APPROVED AND ADOPTED THIS 7th day of February, 1995.
ATTEST:
APPROVED AS TO FORM:
City Attorney
I hereby certify t e foregoing Resolution, Resolution No. 95 -3397 was duly adopted by the City
Council of the City o emple City at a regular meeting held on the 7th day of February, 1995 by the
following vote:
AYES: Councilmember- Gillanders, Souder, Wilson, Breazeal, Budds
NOES: Councilmember -None
ABSENT: Councilmember -None
PROMISSORY NOTE
$1,825,000.00 February 7, 1995
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 one
million, eight hundred twenty five thousand dollars
($1,825,000.00).
City is making the loan represented by this Note to enable the
Agency to pay a portion of its settlement in that condemnation
action titled Temple City Community Redevelopment Agency vs. Bank
of America, L.A. County Superior Court Case No. C 741,931,
(B of A case). Agency agrees that any refund that it receives in
that action from funds now on deposit with the Court shall be
applied to principal.
Interest shall accrue at the rate of Twelve Percent (12 %) per
annum. The entire principal and all accrued and unpaid interest
shall be due and payable in no event later than June 15, 2017.
This Note represents funds borrowed by the Agency from the City to
pay an obligation incurred by the Agency prior to January 1, 1994,
namely the B of A case by which the Agency acquired possession of
certain real property before such date. The above due date shall
not be construed to affect the right of the Agency to receive
property taxes which are allocated and paid to it pursuant to
Section 33670 of the California Health and Safety Code to pay such
indebtedness after such date if necessary to repay this Note or
other obligations incurred before January 1, 1994.
Principal and interest shall be payable in lawful money of the
United States.
The obligation represented by this Note is 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:
AZ- /606let om
Agency Secretary
TEMPLE CITY COMMUNITY
REDEVELOPMENT AGENCY
EXHIBIT "A"