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RESOLUTION NO. 5321
A RESOLUTION OF THE ARCADIA CITY COUNCIL
AUTHORIZING EXECUTION OF AND APPROVING
A LOAN AGREEMENT WITH THE ARCADIA REDEVELOPMENT
AGENCY FOR A LOAN AND APPROPRIATION MADE BY THE CITY OF
ARCADIA FROM THE EQUIPMENT REPLACEMENT FUND,
SEWER FUND, WATER FUND AND CAPITAL OUTLAY FUND
FOR THE ACQUISITION OF PROPERTY, RELOCATION OF
RESIDENTS AND BUSINESSES AND CAPITAL IMPROVEMENTS
FOR REDEVELOPMENT PURPOSES
WHEREAS, the Arcadia Redevelopment Agency has designated
certain property acquisitions and development projects as high
priority in implementing the Redevelopment Plan for the Central
Downtown Project Area: and
WHEREAS, the Arcadia Redevelopment Agency does not currently
have adequate funds to undertake and complete said projects; and
WHEREAS, the City of Arcadia has previously authorized
certain loans to the Arcadia Redevelopment Agency, and has money
now and in the future available in various funds.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF ARCADIA
DOES HEREBY RESOLVE AS FOLLOWS:
SECTION 1.
That the Loan Agreement attached as Exhibit "A"
is hereby approved and the Mayor is authorized to execute said
Loan Agreement and this Resolution.
SECTION 2.
The City Clerk of the City of Arcadia is hereby
authorized and directed to certify to the adoption of this
Resolution.
SECTION 3. This Resolution shall take effect upon adoption.
Passed, approved and adopted this 16th day of September,
1986.
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5321
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ATTEST:
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City Clerk o~the City of Arcadia
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES
CITY OF ARCADIA
)
) SS:
I, CHRISTINE VAN MAANEN, City Clerk of the City of Arcadia
hereby certify that the foregoing Resolution No. 5321 was passed
and adopted by the City Council of the City of Arcadia, signed by
the Mayor and attested to by the City Clerk at a regular meeting
of said City Council on the 16th day of September, 1986, and that
said Resolution was adopted by the following vote,to wit:
AYES: Councilman Chandler, Gilb, Harbicht, Lojeski and Young
NOES: None
ABSENT: None
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5321
LOAN AGREEMENT
This Agreement is entered into this 16th day of September,
1986 by and between the City of Arcadia ("City") and the Arcadia
Redevelopment Agency ("Agency").
The City and Agency hereby agree as follows:
SECTION 1. The City hereby agrees to lend to the Agency the
sum of $4.0 Million (the "Loan") which shall be disbursed to the
Agency from time to time upon receipt by the Finance Director of
written notice from the Executive Director that any portion or
all of the remainder is needed from time to time. Any and all
portions of the Loan shall bear interest calculated at the
highest prevailing rate of interest being drawn on the City of
Arcadia investments, calculated quarterly commencing at the date
of disbursement of each loan as applicable.
SECTION 2. The Agency hereby agrees to repay to the City
any and all portions of the Loan disbursed to the Agency
hereunder at a time and manner consistent with the needs of the
Arcadia Redevelopment Agency as determined by the Agency, and
such portions of the Loan shall further be repaid to the City
when funds become available to the Agency; provided, however,
that repayment of any or all portions of the Loan need not be
made by the Agency 'until all other debts or obligations of the'
Agency which may hereafter be incurred by it have been satisfied
and the repayment obligation of the Agency hereunder may be made
subordinate to any interim or permanent financing of the Agency.
The Agency agrees that pursuant to Health and Safety Code
Exhibit "A"
Section 33624 all money received by the Agency from the sale,
lease or encumbrance of that land acquired and prepared for
development using this loan money, in excess of the money
r~quired to repay the loans and interest on the real property,
shall be redeposited in ,the Redevelopment Revolving Fund, and
when so redeposited, shall be applied toward repayment of this
Loan and the accrual of interest thereon.
Executed this 16th day of September, 1986.
Mayor, City of Arcadia
Chairman, Arcadia Redevelopment
Agency
ATTEST:
City Clerk of the City of Arcadia/
Secretary, Arcadia Redevelopment
Agency
Approved as to Form:
City Attorney
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