RRA - 2000-31 - Authorizing a Loan of Funds From project Area No 1 and No 2.0 V
RESOLUTION NO. 2000-31
A RESOLUTION OF THE ROSEMEAD
REDEVELOPMENT AGENCY
AUTHORIZING A LOAN OF FUNDS FROM
REDEVELOPMENT PROJECT AREA NO. I
TO REDEVELOPMENT PROJECT AREA
NO. 2.
THE ROSEMEAD REDEVELOPMENT AGENCY FINDS, DETERMINES AND
RESOLVES AS FOLLOWS:
WHEREAS: The City has adopted Redevelopment Plans for Project Area No. 1 and for
Project Area No. 2.
WHEREAS: Project Area No. 1 has funds in reserve that are not required for immediate
disbursement needs and which the Agency wishes to invest pursuant to the authority of
Health and Safety Code section 33603 until the funds are needed for project activities or
repayment of indebtedness; and
WHEREAS: Project Area No. 2 is in need of funds for redevelopment activities.
NOW, THEREFORE, BE IT RESOLVED:
Section 1. A loan in the principal amount of S 1,000,000, to be effected by an
inter-fund transfer of monies from Project Area No. 1 to Project Area No. 2, is hereby
authorized.
Section 2. The principal amount of the loan, together with interest at the rate of
seven percent per annum, shall be repaid at such times and in such amounts as may be
determined by the Agency Board. The repayment obligations created hereunder may be
made subordinate to any interim or permanent financing of the Agency.
Section 3. This obligation shall constitute indebtedness of Project Area No. 2
payable out of taxes allocated to the agency pursuant to Health and Safety Code section
33670.
Section 4.
approval.
This Resolution shall take effect from and after its adoption and
PASSED, APPROVED and ADOPTED this 12 day of December, 2000.
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ATTEST: /r
~'-~'(J
City Clerk
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss.
CITY OF ROSEMEAD
CHABWAN
I, Nancy Valderrama, Agency Secretary of the Rosemead Redevelopment Agency of the
City of Rosemead, do hereby certify that the foregoing Resolution No. 2000-3 lbeing:
A RESOLUTION OF THE ROSEMEAD REDEVELOPMENT AGENCY
AUTHORIZING A LOAN OF FUNDS FROM REDEVELOPMENT PROJECT AREA
NO. 1 TO REDEVELOPMENT PROJECT AREA NO. 2.
was duly adopted at the Regular Meeting of the Rosemead Redevelopment Agency on the 12,'
day of December, 2000, by the following vote to wit:
AYES: CLARK, BRUESCH, IMPERIAL, VASQUEZ
NOES: ' 'TAYLOR
i'.
ABSTAIN: NONE
ABSENT: NONE
IN WITNESS WHEREOF, I have hereunto set by hand and affixed the official seal of the
Rosemead Redevelopment Agency this 130' day of December, 2000.
AGENDA-'CERTIFY
Agency Secretary