CC - 1979-45 - Amending Resolution 78-62•
RESOLUTION NO. 79- 45
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF ROSEMEAD AMENDING RESOLUTION 78-62
TO SUBORDINATE THE OBLIGATION CONTAINED
IN RESOLUTION 78-62 TO ANY NOTES ISSUED
AND AUTHORIZED AS A VALID OBLIGATION OF
THE ROSEMEAD REDEVELOPMENT AGENCY.
THE CITY COUNCIL OF THE CITY OF ROSEMEAD DOES RESOLVE
AND FIND AS FOLLOWS:
WHEREAS, on November 13, 1978, the Agency Board of
the Rosemead Redevelopment Agency adopted Rosemead Redevelop-
ment Agency Resolution No. 78-49 (hereinafter RRA Resolution
78-49); and
WHEREAS, the City Council of the City of Rosemead
approved, by Resolution 78-62, the expenditures set forth in
RRA Resolution.No. 78-49; and
WHEREAS, the Agency Board of the Rosemead Redevelop-
ment Agency now wishes to issue five-year notes for the purposes
of financing certain public improvements within the Rosemead
Redevelopment Agency Project No. 1; and
WHEREAS, the obligation contained in RRA Resolution
78-49, having been adopted prior to the date of any resolutions
authorizing the issuance of the 1979 Rosemead Redevelopment
Agency notes could be interpreted as obligations prior in right
to the obligation of the Agency to commit its tax increment
resources to the payment of the 1979 notes; and
WHEREAS, such an encumbrance upon the tax increment
flow of the Rosemead Redevelopment Agency may operate as an
impairment of the security of the note purchasers;
NOW, THEREFORE, BE IT RESOLVED THAT:
SECTION 1. Section 4 of Resolution 78-62 is hereby
deleted, an a new Section 4 adopted to read as follows:
The City Council hereby approves the expenditure
of funds necessary to pay all of the cost of the im-
provements set forth in Exhibits A-1 and A-2 hereof,
such sum not to exceed $460,000.00. Such funds may
be allocated from any funds available to the Agency,
including annual tax increment funds, proceeds from
the sale of any notes, and such other funds of the
Redevelopment Agency as may become available for such
improvements. The funding for these improvements may,
with the approval of the Agency Board and City Council,
be assumed by any notes issued by the Agency, and the
obligation created by this resolution is expressly
subordinate to any such indebtedness.
SECTION 2. In all other respects,'Resolution 78-62
is hereby confirmed and shall continue in full force and effect.
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SECTION 3. This Resolution shall take effect
immediately upon adoption.
PASSED, APPROVED and ADOPTED this 24thday of July
1979.
MAYOR 0 THE CITY 0 OSEMEAD
ATTEST:
CITY CLERK
I'
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss.
I, Ellen Poochigian, City Clerk of the City of
Rosemead, California, do hereby certify that the foregoing
Resolution was duly adopted by the City Council at a regular
meeting held on the 24thday of July , 1979, and the
same was passed and adopted by the following vote:
AYES: Councilmen Hunter, Cichy, Imperial, Tury & Taylor
NOES: None
ABSENT: None
ABSTAIN: None /^v
ELLEN POOCHIG , City Clerk
STATE OF CALIFORNIA ) ss.
COUNTY OF LOS ANGELES )
I, Ellen Poochigian, City Clerk of
Rosemead, California, do hereby certify that
foregoing is a full, true and correct copy o
of the City Council and that said Resolution
the time and by the vote stated on the above
has not been amended or repealed.
ELLEN POOCHIG.
the City of
the above and
E Resolution No.79-45
was adopted at
certificate, and
L,AN, City -Clerk
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