Resolution - 6422RESOLUTION NO. 6422
• A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
WEST COVINA AMENDING A FUNDING AGREEMENT MADE
AND ENTERED INTO ON FEBRUARY 28, 1972 WITH
RESPECT TO THE LENDING OF CITY FUNDS TO THE
AGENCY FOR DEPOSIT INTO THE REDEVELOPMENT
AGENCY ADMINISTRATIVE FUND.
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, a funding agreement was made and entered into by
and between the City of West Covina and the Redevelopment Agency
of the City of West Covina on February 28, 1972 providing for
the lending of City funds to the Agency; and
WHEREAS, it is the desire of the City and the Agency to
amend said agreement.
NOW, THEREFORE, the City Council of the City of West Covina
does resolve as follows:
SECTION 1. The Funding Agreement made and entered into on
February 28, 1972 with respect to the lending of City funds to the
Agency for deposit into the Redevelopment Agency Administrative
Fund, is hereby amended to add the following section:
3. The parties hereto agree that, commencing
July 1, 1981, all outstanding and future
loans to the Agency by the City shall accrue
interest at a rate of ten percent (10%)
per annum.
SECTION 2. No other changes in said Funding Agreement are
made with respect to all matters contained therein, said agreement
shall remain in full force and effect.
SECTION 3. The City Clerkshall certify to the adoption of
this Resolution.
APPROVED AND ADOPTED this 24th day of August 1981.
ATTEST:
,ity'Clerk
RESOLUTION NO. 6422
•
I HEREBY CERTIFY that. the foregoing Resolution No. 6422 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: Tennant, Chappell, Tice, Shearer
NOES: Councilmen: None
ABSENT: Councilmen: Bacon
APPROV D AS TO FORM:
City AVtorney
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City C erk