HomeMy Public PortalAboutResolution 02-40961
RESOLUTION NO. 02 -4096
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 Fourth Amendment to the Disposition and
Development Agreement between the Temple City Redevelopment Agency and CALAC Investments; and
WHEREAS, the Promissory Note for the Agreement ( "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 18th day of June, 2002.
ATTEST:
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City Clerk
CITY OF TEMPLE CITY
MAYOR
hereby certify that the foregoing Resolution, Resolution No. 02 -4096 was duly adopted by the City
Council of the City of Temple City at a regular meeting held on the 18th day of June, 2002 by the following
vote:
AYES: Councilman - Souder, Wilson, Zovak, Vizcarra, Gillanders
NOES: Councilman -None
ABSENT: Councilman -None
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City Clerk
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EXHIBIT A
PROMISSORY NOTE WITH INTEREST
$125,000.00 June 18, 2002
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 hundred twenty five thousand dollars ($125,000.00)
City is making the loan represented by this Note to enable the Agency to pay for
the payment requirements that are included in the Fourth Amendment to the Disposition
and Development Agreement (DDA) between the Temple City Redevelopment Agency
and CALAC Investments, L.P. Funds shall be loaned based on the payment scheduled
referenced in Section 9 of the DDA.
Interest shall accrue at the rate of Seven Percent (7 %) per annum. The entire
principal and all unpaid interest shall be due and payable in no event later than June 15,
2017. Principal and interest shall be payable in lawful money of the United States.
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.
Agency shall pay City only from tax increments available to the 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.
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:
Agency Secretary
TEMPLE CITY COMMUNITY
REDEVELOPMENT AGENCY
By
Executive Director