Resolution - 6421RESOLUTION NO. 6421
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
WEST COVINA APPROVING A FUNDING AGREEMENT BETWEEN
THE CITY AND THE REDEVELOPMENT AGENCY OF THE CITY
OF WEST COVINA PROVIDING FOR THE LENDING OF CITY
FUNDS TO THE AGENCY FOR USE IN EFFECTUATING THE
__ _• CENTRAL BUSINESS DISTRICT AND EASTLAND REDEVELOPMENT
PLANS.
WHEREAS, the Redevelopment Agency of the City of West Covina
is engaged in activities necessary to carry out and implement the
Redevelopment Plans for the West Covina CBD and Eastland Redevelopment
Projects; and
WHEREAS, in order to carry out and implement said Redevelopment
Plans certain interim expenses will be incurred by the Agency; and
WHEREAS, it is the desire of the City to assist and encourage
the Agency in the accomplishment of effectuating said Redevelopment
Plans; and
WHEREAS, Section 33600 et seq. of the Health and Safety Code
authorizes the assistance from the City to provide for the lending
of funds to the Agency, the loan to be repaid under such terms and
conditions as the City shall prescribe; and
WHEREAS, it is the desire of the City and Agency to enter into
a Funding Agreement (Project Fund) for the purpose of providing
loan advances to the Agency subject to such terms and conditions
so specified in said agreement.
• NOW, THEREFORE, the City Council of the City of West Covina
does resolve as follows:
SECTION 1. The City Council hereby approves the Funding
Agreement (Project Fund) with the Redevelopment Agency.
SECTION 2. The City Council hereby authorizes the Mayor to
execute said. agreement.
SECTION 3. '-The City Clerk shall certify to the adoption of
this resolution.
APPROVED and ADOPTED this 24th day of August 1981.
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ATTEST:
City Cler
RESOLUTION NO. 6421
I HEREBY CERTIFY that the foregoing Resolution No. 6421 was
duly adopted by the City Council of the City of West Covina at a
regular meeting thereof held on the 24th day of August 1981, by
the following vote of the Council:
AYES: Councilmen:
NOES: Councilmen:
ABSENT: Councilmen:
APPROVED AS TO FORM:
rrn, Cityt orney
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10
Tennant, Chappell, Tice, Shearer
None
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