Resolution - 7123RESOLUTION
NO. 7125
"A RESOLUTION
OF THE CITY
COUNCIL OF THE CITY OF WEST
COVINA (THE
"COUNCIL") APPROVING
AN APPROPRIATION OF
FUNDS TO THE
REDEVELOPMENT
AGENCY OF THE CITY OF WEST
COVINA (THE
"AGENCY") AND
AUTHORIZING THE EXECUTION OF
APPROPRIATE
INSTRUMENTS"
WHEREAS, the Redevelopment Agency of the City of West Covina (the
"Agency") has requested a loan from the City of West Covina for operational
purposes; and
WHEREAS, Section 33600 of the Health and Safety Code states that
a Redevelopment Agency may accept financial or other assistance from any
public or private source, for the Agency's activities, powers, and duties.
WHEREAS; Sections 33610, 33621 and 33622 of the Health and Safety
Codes state that the legislative body of a community may appropriate to the
Agency money to defray administrative expenses and overhead, acquire real
property in any project area, clear sites, relocate occupants; and
WHEREAS, the Agency proposes to utilize said funds for the
purposes of real property acquisition; and
WHEREAS, the Council and the Agency propose to enter into
appropriate written instruments necessary to consummate the transaction;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
West Covina, as follows:
SECTION 1. The City Council hereby approves the appropriate
instruments describing the performance of the City and Agency in respect to
the appropriation of funds to the Agency in the form of a loan.
SECTION 2. The terms of said loan in the amount of $3,000,000
shall be repaid in one year to include interest at the same rate as the
City earns on its investments.
SECTION 3. The City Clerk shall certify to the adoption of this
resolution:
APPROVED AND ADOPTED this 25th day of November, 1985.
Mayor
• ATTEST
Ci ler
Resolution No. 7123
•
Page Two
I HEREBY CERTIFY that the foregoing Resolution No. 7123 was duly
adopted by the City Council of the City of West Covina at a regular meeting
• thereof held on the 25th day of November, 1985, by the following vote:
AYES: Bacon, Manners, Chappell, Shearer, Tennant
NOES: None
ABSENT: None
ABSTAIN: None
City Clerk
APPRO ED AS TO FORM:
LAAA�
Ci tT Attorney
0