CDC - 2009-12 - Note Payable to Low & Moderate Income Housing FundRESOLUTION NO. 2009-12
RESOLUTION OF THE ROSEMEAD COMMUNITY DEVELOPMENT
COMMISSION (;-CDC CALIFORNIA AUTHORIZING THE EXECUTION OF
A PROMMISSORY NOTE IN THE AMOUNT OF $148,589 TO THE LOW AND
MODERATE INCOME HOUSING FUND
WHEREAS, On October 1, 2008 the Governor signed budget trailer bill AB
1389, and
WHEREAS, included in the bill was a required $350 million shift from local
redevelopment agencies to the State Education Revenue Augmentation Fund (ERAF),
and
WHEREAS, the CDC"s obligation to the ERAF fund is $297,178, and
WHEREAS, Half of the ERAF obligation can be borrowed from the Low and
Moderate Income Housing Fund's current year transfer from ' CDC 'for payment to the
ERAF.
NOW THEREFORE, BE IT RESOLVED, that the Commission does authorize
the execution of a Promissory Note dated May 9, 2009 to the Low and Moderate Income
Housing Fund in the in the amount of $148,589 at an interest rate of 0.0% per annum for
a term of 10 years.
PASSED AND ADOPTED, by the Rosemead Community Development Commission,
County of Los Angeles, of the State of California on April 28, 2009.
ATTEST:
Margaret Clark, Chair
APPROVED AS TO FORM:
160oria Molleda Jos M. Mont
Commission Secretary Agency Attorney
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) SS.
CITY OF ROSEMEAD
I, Gloria Molleda, Commission Secretary of the City of Rosemead, do hereby certify that
the foregoing Resolution No. 2009-12 being:
A RESOLUTION OF THE ROSEMEAD COMMUNITY DEVELOPMENT
COMMISSION (CDC), CALIFORNIA AUHTORIZING THE
EXECUTION OF A PROMISSORY NOTE IN THE AMOUNT OF $148,589
TO THE LOW AND MODERATE INCOME HOUSING FUND
was duly and regularly approved by the Community Development Commission on the
281n of April of 2009, by the following vote to wit:
Yes: Armenta, Clark, Low, Ly, Taylor
No: None
Abstain: None
Absent: None
~ 1~llSLldQ~ ~UV~"' 1
Gloria Molleda
Commission Secretary
ATTACHMENT 1
PROMISSORYNOTE
$148,589
Date: May 9, 2009
For value received, the undersigned Rosemead Community Development Commission
(the `Borrower"), at 8838 East Valley Boulevard, Rosemead, California 91770, promises
to pay to the order of the Low and Moderate Income Housing Fund, (the "Lender"), at
8838 East Valley Boulevard, Rosemead, California 91770, (or at such place as the Lender
may designate in writing) the sum of $148,589 without interest.
The accrued interest only. shall be payable in annual installments of $0.00 beginning on
May 9, 2010, and continuing until May 9, 2019, (the "Due Date"), at which time the
remaining principal and interest shall be due in full.
THE BORROWER UNDERSTANDS THAT THE PAYMENT OF THE ABOVE
INSTALLMENT PAYMENTS MAY NOT FULLY AMORTIZE THE PRINCIPAL
BALANCE OF THE NOTE, AND THREFORE, A BALLOON PAYMENT MAY BE
DUE ON THE DUE DATE.
All payments on this Note shall be applied first in payment of accrued interest and any
remainder in payment of principal.
This Note shall be construed in accordance with the laws of the State of California.
Signed this ,--;29'_ day of , , at 8838 East
Valley Boulevard, Rosemead, Califomi 91770.
Borrower:
Rosemead Community Development Commission
By:A ~q C.4-
Margaret C rk, Chairperson
ATTACHMENT 2
CITY OF ROSEMEAD
Repayment of Advance
0.00%
Outstanding Principal Interest Total
Principal Payments Payments Payments
5/9/2009 $ 148,589.00
5/9/2010 $ $
5/9/2011
5/9/2012
5/9/2013 _
5/9/2014
5/9/2015
5/9/2016
5/9/2017
5/9/2018
5/9/2019 $ 148,589.00 148,589.00
$ 148,589.00 $ $ 148,589.00