CDC - 2008-08 - Pay the City Principal Only Payment of $433,0000 0
RESOLUTION NO. 2008- 08
A RESOLUTION OF THE ROSEMEAD COMMUNITY DEVELOPMENT COMMISSION
TO PAY THE CITY A PRINCIPAL ONLY PAYMENT OF $433,000 AND REDUCE THE
BALANCE OF THE "ADVANCE FROM CITY" ACCOUNT
WHEREAS, At the November 20, 2007 Rosemead Community Development
Commission (RCDC) meeting commission members approved a loan from the City to the
RCDC dated September 28, 2007, and
WHEREAS, funds to pay loan principal to the City are available, and
WHEREAS, with early repayment of principal, interest expense savings will be
realized by RCDC, and
WHEREAS, the payment of principal is a reduction of a liability and not a
expenditure and therefore does not require an amendment to the budget.
NOW THEREFORE, City Council directs staff to pay an early principal reduction
payment of $433,000 to the City which will be accounted for as a reduction to the "Advance
From City' liability account.
PASSED, APPROVED and ADOPTED this 25`h day of March 2008.
ATTEST:
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JOHN TkAN, MAYOR
ATTACEMENT 3
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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. 2008 -08 being:
A RESOLUTION OF THE ROSEMEAD COMMUNITY DEVELOPMENT
COMMISSION TO PAY THE CITY A PRINCIPAL ONLY PAYMENT OF
$433,000 AND REDUCE THE BALANCE OF THE "ADVANCE FROM CITY"
ACCOUNT
was duly and regularly approved and adopted by the Rosemead Community
Development Commission on the 25th of March 2008, by the following vote to wit:
Yes: Clark, Low, Nunez, Taylor, Tran
No: None
Abstain: None
Absent: None
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oria Molle a
Commission Secretary