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RESOLUTION NO. 5040
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
ARCADIA APPROVING THE MODIFICATION OF LOAN AGREE-
MENTS OUTSTANDING BETWEEN THE CITY OF ARCADIA AND
ARCADIA REDEVELOPMENT AGENCY AND AUTHORIZING THE
MAYOR AND CITY CLERK TO EXECUTE THE SAME.
The City Council of the City of Arcadia does hereby resolve as
follows:
SECTION 1. That we hereby approve the Modification of City of
Arcadia and Arcadia Redevelopment Agency Loan Agreements, attached
hereto as Exhibit "A" which is by this reference incorporated
herein and authorize the Mayor and City Clerk to execute the same
in a form approved by the City Attorney.
SECTION 2. That the City Clerk shall certify to the adoption
of this resolution.
SECTION 3. That the Clerk of the Council shall certify to the adoption
of this resolution.
I HEREBY,CERTIFY that the foregoing resolution was adopted at a regular
meeting of the City Council of the City of Arcadia held on the lst day of
June, 1982 , by the affirmative vote of at least three Councilmen,
to wit:
AYES:
NOES:
ABSENT:
Councilmen
None
None
Dring, Haltom, Hannah, Lojeski & Pellegrino
~~
City Clerk of the City of Arcadia
SIGNED AND APPROVED this 1st day of
;i'iLR~~
City Clerk .
....
-l-
5010
EXHIBIT "A"
MODIFICATION OF
CITY OF ARCADIA
AND
ARCADIA REDEVELOPMENT AGENCY
LOAN AGREEMENTS
In consideration of the mutual promises and covenants contained herein,
this agreement to modify those certain Loan Agreements (hereinafter referred
to as "Loan, Agreements") between the City of Arcadia (hereinafter referred
to as "City'l) and Arcadia Redevelopment (hereinafter referred to as 'IAgency'l)
attached hereto as Exhibit A is made and entered into on June 1, 1982 by and
between the City of Arcadia and the Arcadia Redevelopment Agency.
The City and Agency mutually covenant and agree as follows: '
1. Due to anticipated future projects of Agency, Agency requires
further forbearance of payment to City of the unpaid principal balance of
$920,097 remaining on said Loan Agreements and City forbears from collecting
same unless said needs fail to materialize.
2, Loan Agreements are hereby modified by changing the interest rate
contained therein from seven percent (7%) per annum to thirteen
and thirty-four hundreds percent (13.34%) effective June 1, 1982.
3. All promises, covenants, conditions and provisions of Loan Agreements
except as modified by this agreement, are reaffirmed and by this reference
made a part hereof.
ATTEST:
CITY OF ARCADIA
/5/ CHRISTINE VAN MAANEN
City Clerk
ATTEST:
ARCADIA REDEVELOPMENT AGENCY
/5/ CHRISTINE VAN MAANEN
Agency Secretary
/5/ DONALD D. PELLEGRINO
Executive Director
APPROVED AS TO FORM:
..............}
/5/ CHARLES J. LIBERTO
City Attorney and Agency
General Counsel