HomeMy WebLinkAboutCC RESO 9672RESOLUTION NO. 9672
RESOLUTION AUTHORIZING SHORT TERM LOAN
OF OPERATING FUNDS 10 REDEVELOPMENT AGENCY
WHEREAS, the City Council in Ordinance No. 1164
established the existence of the Redevelopment Agency of the
City of National City, and
WHEREAS, the Redevelopment Agency of the City of
National City has been granted a Study and Planning Grant
by the United States of America, and
WHEREAS, the aforementioned Study and Planning
Grant will be delivered to the Redevelopment Agency of the
City of National City in the near future, and
WHEREAS, the Redevelopment Agency of the City of
National City requires operating funds pending the receipt
of the Study and Planning Grant, and
WHEREAS, the City Council is authorized by the
Health and Safety Code of the State of California to loan
funds to community redevelopment agencies;
NOW, THEREFORE, BE IT RESOLVED by the City Council
of the City of National that a loan of six thousand dollars
($6,000.00) from the City of National City to the Redevelop-
ment Agency of the City of National City is hereby authorized.
The term of the loan authorized by this resolution shall be
90 calendar days from date hereof. No interest shall be
charged for the loan of funds authorized by this resolution.
BE IT FURTHER RESOLVED that if the Redevelopment
Agency of the City of National City receives the funds due
under its Study and Planning Grant prior to the expiration
of the loan authorized by this resolution then the entire
amount of the loan shall be due and owing to the City of
National City.
BE IT FURTHER RESOLVED that the Finance Director
of the City of National City is directed to deliver the
amount of the loan authorized by this resolution to the
Executive Director of the Redevelopment Agency of the City
of National City forthwith.
PASSED AND ADOPTED this ist day of October,
1968.
ATTEST: