HomeMy WebLinkAboutCC RESO 13,576RESOLUTION NO. 13,576
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NATIONAL
CITY, CALIFORNIA EXTENDING THE TIME FOR REPAYMENT OF A
PROMISSORY NOTE OF THE COMMUNITY DEVELOPMENT COMMISSION
OF THE CITY OF NATIONAL CITY FROM JULY 15, 1981 TO
JULY 15, 1982.
WHEREAS, the City Council of the City of National City,
California by its Resolution No. 12,794, adopted July 18, 1978,
authorized an Agreement for Loan and Repayment with the Community
Development Commission of the City of National City for the E. J.
Christman Business and Industrial Park Redevelopment Project in
the amount of $200,000, a promissory note was executed, and the City
funded the $200,000 on January 9, 1979; and
WHEREAS, the Community Development Commission's method of
repayment of said loan and interest at 6% per annum was planned to be
through the City's General Revenue Sharing, 1979-1980, and although
the Community Development Commission made a timely request for such
funds the City of National City was unable to fund such request and
the City Council, by adoption of Resolution No. 13,902 on August 7,
1979, extended the repayment period on said note to July 15, 1980;
and
WHEREAS, the Community Development Commission intended to
request said funds from the City's General Revenue Sharing 1980-1981
but the needs for such funds for the Plaza Bonita Regional Shopping
Center and the Home Improvement Loan Program and other competing
community requests for such funds precluded the Community Development
Commission requesting the $200,000 in the 1980-1981 General Revenue
Sharing Budget and the City Council, by adoption of Resolution No.
13,375 on July 1, 1980 extended the repayment date to July 15, 1981; and
WHEREAS, the competing demands for General Revenue Sharing
Funds 1981-1982, including the Plaza Bonita Regional Shopping Center,
the Home Improvement Loan Program, and other competing community needs
again have precluded General Revenue Sharing as a source of repayment
of said $200,000 plus accrued interest; and
WHEREAS, the Community Development Commission has a method
of repayment of said loan and accrued interest by July 15, 1982 through
the proceeds of a tax allocation bond issue proposed for the Spring
of 1982;
NOW, THEREFORE, BE. IT RESOLVED by the City Council of the
City of National City that the Mayor of the City is authorized to
amend, on behalf of the City, the Agreement for Loan and Repayment
E. J. Christman Business and Industrial Park Redevelopment Project,
executed by the City and the Community Development Commission July 18,
1978, as amended, to extend the date of repayment of said loan for
$200,000 and accrued interest thereon from July 15, 1981 to July 15,
1982.
PASSED AND ADOPTED This 23rd day of June, 1981.
Kile Morgan, yor
ATTEST:
Campbell, Cit Clerk