HomeMy WebLinkAboutCC RESO 12,795RESOLUTION NO. 12,795
RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF NATIONAL CITY, CALIFORNIA AUTHORIZING
EXECUTION OF AN AGREEMENT FOR LOAN AND
REPAYMENT WITH THE COMMUNITY DEVELOPMENT
COMMISSION OF THE CITY OF NATIONAL CITY FOR
THE SOUTH BAY TOWN & COUNTRY REDEVELOPMENT
PROJECT
WHEREAS, the Community Development Commission, in its
capacity as Redevelopment Agency, is in need for a loan for project
operations; and
WHEREAS, 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 that the Mayor is hereby authorized to execute,
on behalf of the City, an Agreement for Loan and Repayment with the
Community Development Commission of the City of National City for the
South Bay Town & Country Redevelopment Project in the amount of
$100,000.
PASSED AND ADOPTED this 18th day of July, 1978.
ATTEST:
Ione Cpbell, City CGierk
RESOLUTION NO. 78-45(SBT&CP)
RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION
OF THE CITY OF NATIONAL CITY, CALIFORNIA AUTHORIZING
EXECUTION OF AN AGREEMENT FOR LOAN AND REPAYMENT AND
EXECUTION OF A PROMISSORY NOTE, SOUTH BAY TOWN & COUNTRY
REDEVELOPMENT PROJECT
WHEREAS, the Community Development Commission, in its
capacity as Redevelopment Agency, is in need of a loan for project
operations; and
WHEREAS, an Agreement for Loan and Repayment and a Promissory
Note have been prepared for said Loan;
NOW, THEREFORE, BE IT RESOLVED by the Community Development
Commission that the Chairman is hereby authorized to execute, on
behalf of the Community Development Commission, an Agreement for
Loan and Repayment and a Promissory Note with the City of National City
for the South Bay Town & Country Redevelopment Project in the amount
of $100,000.
PASSED AND ADOPTED this 18th day of July, 1978.
ATTEST:
.`ArnoldA. Peterson, Secretary
Kile Mdrgary Chairman
AGREEMENT FOR LOAN AND REPAYMENT
SOUTH BAY TOWN AND COUNTRY REDEVELOPMENT PROJECT
THIS AGREEMENT entered into as of this 18th day of July, 1978, by
and between the City of National City, California, a municipal corporation,
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 in the South Bay Town and Country Redevelopment Project adopted by City
Council Ordinance No. 1471 on June 24, 1975; and
WHEREAS, the City desires to assist the Commission in such need; 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 an amount not to exceed
$100,000. Said loan shall be in addition to any and all
amounts heretofore loaned to the Commission.
2. DISBURSEMENT OF LOAN PROCEEDS:
The City agrees to disburse loan proceeds to the Commission
upon receipt of a request in writing from the Commission.
The Commission agrees to use such proceeds only for the
purposes provided for in State law and in connection with
the South Bay Town and Country Redevelopment Project.
3. INTEREST:
The Commission agrees to pay the City interest on funds
borrowed at the time of the repayment of the loan. The
interest shall be six (6%) per year and calacuiated upon
the amount of funds actually borrowed from the date
borrowed to the date paid.
4. REPAYMENT:
The Commission agrees to repay any and all funds borrowed
as soon as possible but not later than July 15, 1981.
IN WITNESS WHEREOF the Commission and the City have executed this
- Agreement as of the date first above written.
COMMUNITY DEVELOPMENT COMMISSION OF THE
CITY OF NATIONAI/ CITY, CALIFORNIA
/
-'7 •j //
Kile Morgan, Chairman
ATTEST:
—Arnold A. Peterson, Secretary
proved as to leg 1 dorm and adequacy:
Donald F. McLean, Jr., l mmission
CITY OF NATIONAL CITY, a municipal
corporation
,
•
Kile Morgan, tMayor
ATTEST:
lone.Campbel l , City :Cl er
Approved as to
Donald s- M Lean, Jr.,
orm and adequacy:
y Attorney
1 r l rr1:n CP I
PROMISSORY NOTE
$100,000
South Bay Town and Country
Redevelopment Project
July 18, 1978
The Community Development Commission of the City of National City, California,
hereinafter called "Commission" for value received, promises to pay to the City
of National City, California, a municipal corporation, hereinafter called "City"
the sum of $100,000 with interest, as spelled out in the loan agreement for the
South Bay Town and Country Redevelopment Project dated July 18, 1978 until paid
with said $100,000 plus said interest to be paid not later than July 15, 1981, or
not later than a subsequent date agreed to by Commission and City.
This Promissory Note is executed in compliance with and is intended to incorporate
all terms and conditions of that certain "Agreement for Loan and Repayment, South
Bay Town and Country Redevelopment Project", entered into the 18th'day of July,
1978 by Commission and City.
Approved as to form:
Donald F. ,cL an
COMMUNITY DEVELOPMENT COMMISSION OF THE
CITY OF NATIONAL CITY, CALIFORNIA
Kile Morgan, ehairman
ATTEST:
no1d A. Peterson, Secretary