Resolution - 2008-37RESOLUTION NO. 2008-37
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF WEST
COVINA, CALIFORNIA, APPROVING A LOAN TO THE WEST
COVINA COMMUNITY DEVELOPMENT COMMISSION FOR THE
PAYMENT OF PROJECT AND ADMINISTRATIVE EXPENSES FOR THE
WEST COVINA MERGED REDEVELOPMENT PROJECT AREA
WHEREAS, the City of West Covina Community Development Commission
(Agency) has heretofore undertaken and is continuing to undertake certain action pursuant to
the Community Redevelopment Law of the State of California; and
WHEREAS, the Agency has incurred and will continue to incur obligations for
project and administrative expenses and overhead; and
WHEREAS, said Agency has requested a loan from the City of West Covina in the
sum of $2 million to assist it in defraying expenses heretofore incurred and expenses
which will be incurred hereinafter in carrying out the budgeted projects of said Agency; and
WHEREAS, the City of West Covina is authorized, pursuant to said Community
Redevelopment Law, to make a loan to the Agency for the purpose of defraying said expenses
and overhead:
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
West Covina that:
SECTION 1. Pursuant to the provisions of said Community Redevelopment Law, of the
State of California, the City of West Covina shall lend to the Agency the sum of $2
million for the purpose of defraying project and administrative expenses and overhead of
the Agency in the West Covina Redevelopment Project Area.
SECTION 2. The Agency pledges to accept and administer the funds loaned to it
in accordance with the provisions of said Community Redevelopment Law.
SECTION 3. The Treasurer of the City of West Covina is authorized and directed
to immediately credit the Agency in the amount of $2 million at 6% interest.
SECTION 4. The Agency will repay said loan plus accrued interest, to the City by
June 30, 2009 from any available funds of the Agency, including the portion of taxes
mentioned in Subdivision (b) of Sanction 33670 of the Health and Safety Code of the State of
California, which may legally be utilized for such repayment. This loan will be subordinate
to any outstanding bonds issued by the Agency.
APPROVED AND ADOPTED on this 171h day of June 2008.
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Mayor Sherri Lane
ATTEST:
City Clerk aurie Carrico
M
Resolution No. 2008-37
Page 2
I, LAURIE CARRICO, CITY CLERK of the City of West Covina, California, do hereby certify
that the foregoing resolution was duly adopted by the City Council of the City of West Covina,
California, at a regular meeting thereof held on the 171h day of June 2008, by the following vote
of the City Council:
AYES: Herfert, Sanderson, Touhey, Lane
NOES: None
ABSENT: Hernandez
ABSTAIN: None
APPROVED AS TO FORM:
i y Attorne Amold lvarez-Glasman
4Citylcrkaurie Carrico