Resolution - 7226RESOLUTION NO. 7226
• A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF WEST COVINA ESTABLISHING TERMS
AND CONDITIONS RELATIVE TO THE
APPROPRIATIONS TO THE CITY OF WEST COVINA
REDEVELOPMENT AGENCY
• WHEREAS, the City Council of the City of West Covina
(the "City") may, pursuant to Article 3 of the California
Community Redevelopment Law and Statues, Sections 33622 and
33623, appropriate funds from the redevelopment revolving
fund to the City of West Covina Redevelopment Agency (the
"Agency") for acquisition 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
legislative body; and
•
WHEREAS, the City Council desires to establish terms and
conditions relative to such appropriated funds;
NOW, THEREFORE, THE CITY.COUNCIL OF THE CITY OF WEST
COVINA DOES RESOLVE AS FOLLOWS:
Section 1. The appropriation of funds from the
redevelopment revolving fund of the City to the Agency
capital improvement account (the "112 Account") shall be
subject to the following:
(a) All funds appropriated to the 112. Account
shall be deemed part of any annual loan
made by the City to the Agency for capital
improvements and other improvements
necessary for the completion of
redevelopment projects.
(b) Simple interest shall be charged on the
accumulated funds appropriated to the
112 Account, at a rate that is equal to
the Bank of America s base/prime rate;
(the "prime rate"); the
interest rate shall be adjusted annually
to reflect the prime rate in effect on
December 31st.
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(c) Repayment of the appropriated funds shall
• commence on July-1, 1991 and shall,
continue annually -thereafter in the sum
of $300,000.00 plus interest per payment,
said repayment schedule to be reviewed on
July 1, 1991 for possible adjustment
contingent on the financial status of
the Agency.
• Section 2. The appropriation of funds from the
redevelopment revolving fund of th.e City to the Agency
administration 110 account (the 11110 Account") shall be
subject to the following:
(a) All funds appropriated to the 110 Account
shall be deemed part of any annual loan
made by the City to the Agency for
administration of the capital improvements
and other improvements necessary to the
completion of redevelopment projects.
(b) Simple interest shall be charged on the
accumulated funds appropriated to the
110 Account, commencing December 31,
1986, at a rate that is equal to the
Bank of America's base/prime rate;
(the "prime rate"); the
interest rate shall be adjusted annually
to reflect the prime rate in effect on
December 31st.
(c) Repayment of the appropriated funds
shall commence on July 1, 1991 and shall
continue annually thereafter in the sum
of $300,000.00 plus interest per payment,
said repayment schedule to be reviewed
on July 1, 1991 for possible adjustment
contingent on the financial status of
the Agency.
Section 3. The provisions of this resolution shall be
applicable to all funds theretofore and hereinafter
appropriated from the redevelopment revolving fund to both
the 112 Account and the 110 Account.
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Section 4. 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 14th day of July ,
1986.
•
Mayor
ATTEST:
I HEREBY CERTIFY that the foregoing Resolution
No. 7226 was duly adopted by the City Council of
the City of West Covina at a regular meeting thereof held
on the 14th day of July , 1986, by the
following vote:
AYES: Tennant, Bacon, Manners, Chappell, Shearer
NOES: None
ABSENT: None
ABSTAIN: None
APPROVED AS TO FORM:
fit Atto ney
i
City Clerk
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