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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."
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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
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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.
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