HomeMy WebLinkAboutCC RESO 13,092RESOLUTION N0. 13,092
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, 1979 to JULY 15, 1980
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 Community Development Commission will request
said funds in the City's 1980-1981 General Revenue Sharing Budget
and needs an extension of time for repayment of said loan and
accrued interest;
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 to extend the date of repayment of said loan for
$200,000 and accrued interest thereon from July 15, 1979 to July 15,
1980.
ATTEST:
ION
PASSED AND ADOPTED this 7th day of August, 1979.
CAMPBELL, CITY CLERK
Ki Te Morgan, t a