HomeMy WebLinkAboutCC RESO 15,365RESOLUTION NO. 15 , 3 6 5
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
NATIONAL CITY, CALIFORNIA AUTHORIZING EXECUTION OF
AN AGREEMENT FOR LOAN BY THE CITY OF NATIONAL CITY,
CALIFORNIA TO THE COMMUNITY DEVELOPMENT COMMISSION
OF THE CITY OF NATIONAL CITY, CALIFORNIA AND FOR
REPAYMENT THEREOF AND EXECUTION OF A PROMISSORY
NOTE IN CONNECTION THEREWITH
WHEREAS, the Community Development Commission, in its
capacity as Redevelopment Agency, is in need of a loan for project
operations within the National City Downtown Redevelopment Project and the
City of National City desires to assist the Commission in connection with
said Project; and
WHEREAS, the California Community Redevelopment Law
authorizes the City to make a loan to the Commission and an agreement for
loan and repayment and a promissory note have been prepared for said loan.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of National City, California, that the Mayor is hereby authorized to
execute, on behalf of the City, an agreement for loan and repayment and a
promissory note for $300,000 with the Community Development Commission
of the City of National City for the National City Downtown Redevelopment
Project.
PASSED AND ADOPTED this 21st day of July, 1987.
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George IL Waters, Mayor
ATTEST:
Ion Campbell, City Cle
APPROVED AS TO FORM:
AGREEMENT FOR LOAN BY THE CITY OF
NATIONAL CITY, CALIFORNIA TO THE
COMMUNITY DEVELOPMENT COMMISSION OF THE CITY
OF NATIONAL CITY, CALIFORNIA AND FOR
REPAYMENT THEREOF
THIS AGREEMENT entered into as of this -2- 3 —4 I day of ,
1987 between the City of National City, California, a municipa cor ration,
hereinafter called "City", and the Community Development Commission of the City of
National City, California, hereinafter called "Commission'; and
WHEREAS, the Commission has a need for funding certain redevelopment
activities within the National City Downtown Redevelopment Project adopted by City
Council Ordinance No. 1762 on December 1, 1981; and
WHEREAS, the City desires to assist the Commission in financing its
operations; and
WHEREAS, the California Community Redevelopment Law authorizes the
City to make a loan to the Commission.
NOW, THEREFORE, BE IT RESOLVED, that the parties hereto do mutually
agree as follows:
1. AMOUNT OF LOAN:
The City agrees to loan the Commission $300,000
2. DISBURSEMENT OF LOAN:
The City agrees to disburse said loan to the Commission within 30
calendar days from the date of execution of this Agreement. The
Commission agrees to use the proceeds of the loan only for the
purposes provided for in State law and in connection with the National
City Downtown Redevelopment Project.
3. INTEREST:
The Commission agrees to pay the City interest on the loan at the
average rate of interest paid by the State of California Local Agency
Investment Fund during the period in which the loan is outstanding.
4. REPAYMENT:
The Commission agrees to repay the City the entire amount of the loan
plus interest one year from the date upon which the loan is disbursed
by the City to the Commission.
IN WITNESS WHEREOF the Commission and the City have executed this
Agreement as of the date first above written.
COMMUNITY DEVELOPMENT COMMISSION CITY OF NATIONAL CITY, a
OF THE CITY OF NATIONAL CITY, CA municipal corporation
eorge I . Waters, Chairman George H Waters, Mayor
ATTEST: ATTEST:
Ar ld A. Peterson, Secretary
Approved as to legal form and
adquacy:
George H. Eiser III, Commission Georgeiser III
Attorney
y
Ione Campbell, C. Clerk
legal form and
City Attorney
414-
PROMISSORY NOTE
$300,000 National City Downtown
Redevelopment Project
, 1987
The Community Development Commission of the City of National City, California, for
value received, promises to pay to the City of National City, California, a municipal
corporation, the sum of $300,000 with interest at the average rate of interest paid by
the State of California Local Agency Investment Fund, all due and payable on
, 1988. This Promissory Note is in compliance with and
incorporates all terms and conditions of that certain "Agreement for Loan by the
City of National City, California to the Community Development Commission of the
City of National City, California and for repayment thereof" entered into the .I. .
day of , 1987.
APPROVED AS TO FORM:
g,„„
George H. Eiser III, Attorney
Community Development Commission
of the City of National City, CA
Georg . Waters, Chairman
ATTEST:
Arnold A. Peterson, Secretary