HomeMy WebLinkAboutCC RESO 13,375•
RESOLUTION NO. 13,375
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, 1980 TO JULY 15, 1981
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; and
WHEREAS, a Promissory Note for $200,000 was executed
July 18, 1978 and the City, upon request of the Community Development
Commission, paid the Community Development Commission the $200,000
on January 9, 1979 by warrant number 7186; 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
WHEREAS, 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
request said funds from the City's General Revenue Sharing 1980-1
but the needs for such funds for the Plaza Bonita Regional Shoppi
Center and the Home Improvement Loan Program and other competing
requests for such funds precluded the Community Development Commi
requesting the $200,000 in the 1980-1981 General Revenue Sharing
and
to
981
ng
community
ssion
Budget;
WHEREAS, the Community Development Commission has a method
of repayment of the loan and accrued interest by July 15, 1981 either
through the proceeds of a tax allocation bond issue or from proceeds
from land sales within the E. J. Christman Project;
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, 1980 to July 15,
1981.
PASSED AND ADOPTED this 1st day of July, 1980.
ATTEST:
Ion- Campbell, City Clerk
44'
Kile Morgan, ayor