Resolution - 6547RESOLUTION NO. 6547
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A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF WEST COVINA
AMENDING THE FUNDING AGREEMENT OF FEBRUARY 28, 1972.
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 Central Business District 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 Redevelopment 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, 1982
all outstanding and future loans.to the Agency by the
City shall accrue interest at a rate of twelve percent
(12%) 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 Clerk shall certify to the adoption of this
Resolution.
APPROVED and ADOPTED this 24th day of May 1982.
ATTEST:
City C erk
Mayor
I HEREBY CERTIFY that the foregoing Resolution No: was duly adopted
by the City Council of the City of West Covina at a regular meeting thereof
held on the 24th day of May 1982, by the following vote:
AYES: Members: Bacon, Tennant, Shearer, Chappell, Tice
NOES: Members: -None
ABSENT: Members: None
saw
City Clerk
APPROVED AS.TO.F.ORM:
C)
ity A tornet