Resolution - 7180RESOLUTION NO. 7180
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF WEST
• COVINA AUTHORIZING AN APPROPRIATION TO THE CITY OF WEST
COVINA REDEVELOPMENT AGENCY FROM THE REDEVELOPMENT
REVOLVING FUND FOR GENERAL REDEVELOPMENT PURPOSES
WHEREAS, the City Council of the City of West Covina may, pursuant to
Article 3 of the California Community Redevelopment Law and Statutes,
Sections 33622 and 33623, appropriate funds from the redevelopment
revolving fund to the City of West Covina Redevelopment Agency for acquisi-
tion of real property in any project area, the clearance of any project
area for redevelopment, or any expenses necessary or incidental to the
carrying out of a redevelopment plan.which has been adopted by the legis-
lative body; and
WHEREAS, the appropriation authorized by this resolution is to be
repaid in equal amounts of $300,000 plus interest every six months for five
(5) years to commence July 1, 1990; and.
WHEREAS, this repayment schedule to be reviewed on July 1, 1990 for
possible adjustment contingent on the financial status of the Agency; and
WHEREAS, the interest on all past, present and future loans made from
the redevelopment revolving fund will be adjusted annually on December 31
to reflect the Bank of America prime rate;
NOW THEREFORE, BE IT RESOLVED by the City Council of West Covina, as
follows:
Section 1. The City Council approves the appropriation of $3 million
from the redevelopment revolving fund to the City of West Covina Redevelop-
ment Agency for general redevelopment purposes pursuant to the above -
outlined terms.
Section 2. The City Clerk shall certify to the adoption of this
resolution by not less than a two-thirds vote of the City Council.
APPROVED AND ADOPTED this 12th day of Pla 1986.
Mayor
ATTEST:
City Clerk
I HEREBY CERTIFY that the foregoing Resolution No. 7180 was duly
adopted by the City Council of'the City of West Covina at a regular meeting
thereof held on the 12th day of May 1986, by the following vote:
• AYES: Bacon, Manners, Chappell, Shearer
NOES: None
ABSENT: Tennant
ABSTAIN: None
City Cler
APPROVED AS TO FORM:
G neral Poun§el