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RESOLUTION NO. 4721
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF ARCADIA APPROPRIATING ,AN AMOUNT NECESSARY
TO CARRY OUT TIlE PROVISIONS OF ARCADIA REDE-
VELOPMENT AGENCY RESOLUTION NO. ARA-41 TO
THE REDEVELOPMENT REVOLVING FUND FROM THE
CAPITAL OUTLAY FUND, APPROVING A LOAN OF SAID
AMOUNT TO THE REDEVELOPMENT AGENCY TO PAY
COSTS OF PURCHASE OF 135 COLORADO PLACE
AND APPROVING AND AUTHORIZING EXECUTION OF A
LOAN AGREEMENT PERTAINING THERETO
BE IT RESOLVED BY THE ARCADIA CITY COUNCIL AS FOLLOWS:
SECTION 1. There is hereby appropriated $350,000. an
amount necessary to carry out the provisions of Arcadia Redevelop-
ment Agency Resolution No, ARA-4l to the Redevelopment Revolving
Fund from the Capital Outlay Fund.
SECTION 2. The amount specified in Section 1 herein is
hereby loaned to the Arcadia Redevelopment Agency commencing on
the date of disbursement from the Revolving Fund, and shall be
repaid according to the terms and conditions of the loan agree-
ment attached hereto as Exhibit "A", which agreement is hereby
approved and the Mayor and City Clerk are hereby authorized to
execute.
SECTION 3. The City Clerk 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 7th day of February , 1978 , by the affirmative vote
of at least three Council Members, to wit:
AYES:
Council Members Gilb, Lauber, Margett, Parry
and Saelid
None
NOES:
ABSENT: None
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City Clerk 0 the City of Arcadia
-l-
SIGNED AND APPROVED this 7th day of February, 1978.
ATTEST:
~.~~
. City Clerk
(SEAL)
-2-
4721
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LOAN AGREEMENT
FOR FULL AND ADEQUATE CONSIDERATION, the Arcadia Redevelop-
ment Agency hereby promises to pay the City of Arcadia the sum of
------------------------------------------ $350 000 with interest
,
at the rate of seven percent (7%) per annum from the date ~f
disbursement until paid in full, which sum shall be
due and payable to the City of Arcadia, at a time and manner con-
sistent with the needs of the Arcadia Redevelopment Agency, when
funds become available to the Arcadia Redevelopment Agency, except
Arcadia Redevelopment Agency agrees that pursuant to Health and
Safety Code Section 33624, all money received by the Arcadia Rede-
velopment Agency from the sale, lease or encumbrance of
135 Colorado Pla~p. pursuant to any Disposition and
Development Agreement pertaining thereto in excess of the money re-
quired to repay the loans and interest on said property shall be
redeposited in the Redevelopment revolving fund, and when so rede-
posited, shall be applied towards repayment of this loan and the
accrued interest thereon.
EXECUTED THIS 7th day of February 19 78.
ATTEST: CITY
-;I</l~ By t
~ty Clerk Secretary of
the Redevelopment Agency
Approved as to Form: ARC REDEVELOPMENT AGENCY
By
n and Agency
1 Counsel
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