CDC - 2007-22 - Prommissory Note of $2,497,920RESOLUTION NO..2007-22
RESOLUTION OF THE ROSEMEAD COMMUNITY DEVELOPMENT
COMMISSION, CALIFORNIA AUTHORIZING THE EXECUTION OF A
PROMMISSORY NOTE IN THE AMOUNT OF 52,497,920 TO THE CITY OF
ROSEMEAD, CALIFORNIA
WHEREAS, On June 12, 2007 the Rosemead Community Development
Commission voted.to approve the Fiscal 2007-08 budget, and
WHEREAS, Included in the budget is a transfer of $2,497,920.00 from the City's
General Fund to the Commission's Project Area No. 1 Capital Projects Fund, and
WHEREAS, The transfer is to be an interest bearing loan from the City secured
with a Promissory Note, and
WHEREAS, On September 28, 2007 the cash was transferred from the City's
checking account to the Commission's Money Market account.
NOW THEREFORE, BE IT RESOLVED, that the Commission does authorize
the execution of a Promissory Note dated September 28, 2007 to the City in the in the
amount of $2,497,920 at an interest rate of 5.25% per annum for a term of 20 years.
PASSED AND ADOPTED, by the Rosemead Community Development Commission,
County of Los Angeles, of the State of California on November 20, 2007.
(Chairman)
ATTEST:
(Commission Secretary)
Page l of 1
• •
PROMISSORY NOTE
$2,497,920 Date: September 28, 2007
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 City of Rosemead, (the "Lender"), at 8838 East Valley
Boulevard, Rosemead, California 91770, (or at such place as the Lender may designate in
writing) the sum of $2,497,920.00 with interest from September 28, 2007, on the unpaid
principal at the rate of 5.25% per annum.
The accrued interest only shall be payable in annual installments of $131,140.80
beginning on September 28, 2008, and continuing until September 28, 2027, (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 000 W) day of Myetn &r at 8838 East
Valley Boulevard, Rosemead, California 91770.
Borrower:
By:_
John
imunity Development Commission
Chairperson
3OF 4
• . •
CITY OF ROSEMEAD
Repayment of Advance
5.25%
Outstanding
Principal
Interest
Total
Principal
Payments
Payments
Payments
September 28, 2007
$ 2,497,920.00
-
$ -
$
2008
2,497,920.00
-
131,140.80
131,140.80
2009
2,497,920.00
-
131,140.80
131,140.80
2010
2,497,920.00
-
131,140.80
131,140.80
2011
2,497,920.00
-
131,140.80
131,140.80
2012
2,497,920.00
-
131,140.80
131,140.80
2013.
2,497,920.00
-
131,140.80
131,140.80
2014
2,497,920.00
-
131,140.80
131,140.80
2015.
2,497,920.00
-
131,140.80
131,140.80
2016
2,497,920.00
-
131,140.80
131,140.80
2017
2,497,920.00
-
131,140.80
131,140.80
2018
2,497,920.00
-
131,140.80
131,140.80
2019
2,497,920.00
-
131,140.80
131,140.80
2020
2,497,920.00
-
131,140.80
131,140.80
2021
2,497,920.00
-
131,140.80
131,140.80
2022
2,497,920.00
-
131,140.80
131,140.80
2023
2,497,920.00
-
131,140.80
131,140.80
2024
2,497,920.00
-
131,140.80
131,140.80
2025
2,497,920.00
-
131,140.80
131,140.80
2026
2,497,920.00
131,140.80
131,140.80
2027
2,497,920.00
131,140.80
2,629,060.80
Total
4 7 920.00
3 2.622.816.00
$ 5.120.736.00
4OF4
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) SS.
CITY OF ROSEMEAD )
0
1, Kay Bhatc, Acting Secretary of the Rosemead Community Development
Commission, do hereby certify that the foregoing Resolution No. 2007-22 being:
RESOLUTION OF THE ROSEMEAD COMMUNITY DEVELOPMENT
COMMISSION, CALIFORNIA AUTHORIZING THE EXECUTION OF A
PROMMISSIORY NOTE IN THE AMOUNT OF $2,497,920 TO THE CITY OF
ROSEMEAD, CALIFORNIA.
was duly and regularly approved and adopted by the Rosemead Community
Development Commission on the 20th of November 2007, by the following vote to wit:
Yes: Low, Nunez, Tran
No: Clark,
Abstain: Taylor
Absent: None
Kay B to
Acting Secretary