CC - 1991-43 - Agency Payment for Protions of Pavment Management UpdateRESOLUTION NO. 91-42
C
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
ROSEMEAD APPROVING THE ISSUANCE AND SALE OF NOT
TO EXCEED $10,000,000 AGGREGATE PRINCIPAL AMOUNT
OF ROSEMEAD REDEVELOPMENT AGENCY, REDEVELOPMENT
PROJECT NO. 1 SUBORDINATE LIEN TAX ALLOCATION
BONDS, SERIES 1991A
WHEREAS, the Rosemead Redevelopment Agency, by its resolution
adopted on July 23, 1991 (the "Resolution"), has authorized the
issuance and sale of not to exceed $10,000,000 aggregate principal
amount of its Rosemead Redevelopment Agency, Redevelopment Project
No. 1 Subordinate Lien Tax Allocation Bonds, Series 1991A (the
"Bonds"), in order to provide financing for certain improvements
located in the Agency's Project Area No. 1.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City
of Rosemead, as follows:
Section 1. The issuance and sale of not to exceed $10,000,000
aggregate principal amount of the Bonds by the Rosemead Redevelopment
Agency, in accordance with the terms and conditions set forth in the
Resolution, is hereby approved. In particular, this approval is,
expressly conditional upon the deposit of Senior Lien Note proceeds
in the Housing Fund, as those terms are defined in the Resolution,
which deposit constitutes one of the approved purposes for which the
Bonds are being issued and the payment of a pro rata share of debt
service on the Bonds (based upon the percentage of such deposit) so
long as the Bonds are Outstanding out of tax increment revenues
otherwise required to be deposited in the Housing Fund.
Section 2. This resolution shall take effect from and after its
adoption and approval.
PASSED, APPROVED and ADOPTED this 23rd July, 1991.
J
MA R ;
ATTEST:
GF _
TY CLERK
- •
CITY CLERK'S CERTIFICATE
I, Janice Warner , City Clerk of the City of Rosemead,
do hereby certify that the foregoing resolution is a full, true
and correct copy of a resolution duly adopted by a vote of a
majority of the members of the City Council of the City of
Rosemead at a meeting of said Council duly and regularly and
legally held at the City of Rosemead, California, on July _
1991, of which all of such members had due notice, as follows:
AYES: Imperial, McDonald
NOES: Clark
ABSENT: Bruesch, Taylor
ABSTAINED: None
Said resolution has not been amended, modified or
rescinded since the date of its adoption and the same is now in
full force and effect.
Dated
- 3 r -
[Seal~ ,
July 24 , 1991
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