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HomeMy WebLinkAbout5266 RESOLUTION NO. 5266 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ARCADIA, CALIFORNIA, AMENDING CERTAIN LOAN AGREEMENTS BY AND BETWEEN THE CITY OF ARCADIA AND THE ARCADIA REDEVELOPMENT AGENCY WHEREAS, the City of Arcadia, California, (the "City") and the Arcadia Redevelopment Agency (the "Agency") have approved and executed several loan agreements (the "Loan Agreements") pursuant to which the City has or may from time to time lend to the Agency funds which are payable by the Agency to the City, together with interest thereon, as funds become available to the Agency; and WHEREAS, the City and the Agency desire to provide for more certain terms and conditions pertaining to the time for repayment of the principal amounts of said loans, together with interest thereon. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF ARCADIA, CALIFORNIA, DOES HEREBY RESOLVE AS FOLLOWS: SECTION 1. That each and every Loan Agreement heretofore approved and executed by and between the Agency and the City is hereby and shall be amended by adding thereto the following provision: "Notwithstanding any provision set forth in this Agreement to the contrary, any and all funds lent by the City to the Agency under this Agreement, together with any and all interest accrued thereon, shall be due and payable by the Agency to the City on or before June 30, 1986." -1- 5266 STATE OF CALIFORNIA ) COUNTY OF LOS ANGELES) SS: CITY OF ARCADIA ) I, CHRISTINE VAN MAANEN, City Clerk of the City of Arcadia hereby certify that the foregoing Resolution No. 5266 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 Council held on the 17th day of December, 1985, and that said Resolution was adopted by the following vote, to-wit: AYES: Councilmen Gilb, Hannah, Young and Pellegrino NOES: None ABSENT: Councilman Lojeski C~ty Clerk 0 of Arcadla -3- 5266 SECTION 2. The Mayor and the City Clerk of the City are hereby authorized and directed to execute any and all documents including, but not limited to, any and all appropriate amendments to the Loan Agreements, consistent with the terms of this Resolution. SECTION 3. The City Clerk shall certify to the adoption of this Resolution. Passed, approved and adopted this 17th day of December, 1985. -2- 5266