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RESOLUTION NO.4693
A RESOLUTION OF THE CITY COUNCIL OF TIlE CITY OF
ARCADIA APPROPRIATING AN AMOUNT NECESSARY TO
. CARRY OUT TilE PROVISIONS OF ARCADIA REDEVELOPMENT
AGENCY RESOLUTION ARA-35 TO TilE REDEVELOPMENT
REVOLVING FUND FROM THE CAPITAL OUTLAY FUND,
APPROVING A LOAN OF SAID AMOUNT TO THE REDEVELOPMENT
AGENCY TO PAY COSTS OF PUnCHASE OF 111.-125 WEST
HUNTINGTON DRIVE. AND APPHOVING AND AUTHORIZING
EXECUTION OF A LOAN AGnEE~IENT PTmTA TNT NG THEHETO
BE IT RESOLVED by the Arcadia City Council as follows:
SECTION 1.. There is hereby appropriated $365,000, an
amount necessary to carry out the provisions of Arcadia Rede~elopment
Agency Resolution ARA-35 to the Redevelopment Revolving Fund from the
Capital Outlay Fund.
SECTION 2. ~he 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 agreement attached
hereto as Exhibit A, which agreement is hereby approved and the Mayor
and City Clerk are hereby authorized to execute.
The City Clerk shall certify to the adoption of the 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 6th day of
December ,1977, by the arrirmativc vote or at
least three Council members, to wit:
AYES: Council Members Gilb, Lauber, Margett, Parry and
Saelid
NOES: None
, ABSENT: None
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4693
SIGNED AND APPROVED this
ATTEST:
L~~
City Clerk
(SEAL)
~~~
City Clerk of the City of Arcadia
. 1977,
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4693
LOAN AGREEMENT
FOR FULL AND ADEQUATE CONSIDERATION, the Arcadia Redevelopment
Agency hereby promises to pay the City of Arcadia the sum of
-------------------------------------~-----------$365,000 with interest
at the rate of seven percent (7%) per annum from the date of
disbursement
until paid in full, which sum shall be
due and payable to the City of Arcadia, at a time and manner consistent
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 Redevelopment Agency
from the sale, lease or encumbrance' of 111-125 West Huntington Drive,
pursuant to any Disposition and Development Agreement pertaining
thereto in excess of the money required to repay the loans and interest
on said property shall be redeposited in the Redevelopment revolving
fund, and when so redeposited, shall be applied towards repayment of
this loan and the accrued interest thereon.
EXECUTED THIS !2 7 day o,f ~1977.
,
ATTEST:
~71~
City Clerk
Approved as to Form:
'.-:- ,/" ..~~ ; '.'~
Director