Resolution - 8771RESOLUTION NO. 8771
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF WEST
COVINA CALIFORNIA ESTABLISHING TERMS AND CONDITIONS
RELATIVE TO ADVANCES MADE BY THE CITY OF WEST COVINA TO
THE WEST COVINA REDEVELOPMENT AGENCY
WHEREAS, on July 14, 1986, the City Council approved Resolution No. 7226
establishing terms and conditions relative to advances made to the Agency by the
City of West Covina for expenses necessary or incidental to the carrying out of
a redevelopment plan; and
WHEREAS, on December 10, 1990, the City Council considered revisions to
said terms and conditions in light of changing priorities.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF WEST COVINA DOES RESOLVE
AS FOLLOWS:
Section 1. The following terms and conditions relative to all advances
made by the City of West Covina to the West Covina Redevelopment Agency shall
henceforth apply:
a. All advances made to the Agency through June 30, 1990, shall accrue
simple interest at the rate of 10.5%.
b. An annual payment commencing in FY 1991-92 at $1,652,500 shall be
made for a minimum of ten years, with adjustments to be considered
contingent upon the financial condition of the Agency.
C. The repayment period shall be for a minimum of 27 years, contingent
upon adjustments made to the repayment amount during the repayment
period.
d. The Agency shall be charged market rate interest (e.g., Bank of
America prime interest rate) applied to any new advances extended to
the Agency by the City.
e. The Agency shall continue to pursue an active redevelopment program
consistent with adopted goals.
f. The Agency shall maintain a minimum reserve balance of $2 Million in
any particular year.
A projected repayment schedule, subject to revisions pursuant to Sections 1(b)
and 1(c) above is attached as Exhibit A.
Section 2. Sections 1(b) and (c) and Sections 2(b) and (c) of Agency
Resolution No. 7226 are specifically superseded by this resolution..
Section 3. 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 7th day of January , 1992.
IATTEST:
City Clerk
I
1
Resolution No. 8771
Page Two
I HEREBY CERTIFY that the foregoing Resolution No. 8771 was duly
adopted by the City Council of the City of West Covina at a regular meeting
thereof held on the 7th day of January , 1992, by the following vote:
AYES: Jennings, Herfert, McFadden
NOES: None a
ABSENT: Manners
ABSTAIN:
4
City Clerk
APPROVED AS TO FORM:
. � �.�. �i �o a ,• .,
XBH1372SW:WP
EXHIBIT A
t
FDA LOAN REPAYMENT TO CITY
ALL RDA PROJECTS
BEGINNING
ANNUAL RDA
INTEREST
INTEREST
ENDING
PRESENT
YEAR
BALANCE
PAYMENT
RATE
PAYMENT
BALANCE
VALUE
10.51
90
26,4771791
(6521500)
10.51
2,711,656
28,536,947
(5931182)
9(
28,536,947
(1,652,500)
10.51
2,822,867
27,707,314
(1,365,701)
92
29,707,314
(1,652,500)
10.51
2,945,755
31,000,569
(1,241,548)
93
.3(,0001569
(11652,500)
10.51
3,081,547
32,429,617
(1,128,680)
94
321429,617
(1,652,500)
10.51
3,231,577
34,008,714
(1,026,072)
95
34,008,714
(1,652,500)
10.51
3,397,402
35,753,616
(932,793)
96
35,753,616
(1,652,500)
i0.51
3,580,617
37,681,734 {
(847,994)
97
37,681,734
(11652,500)
10.51
3,783,070
39,812,303 {
(170,903)
98
37,812,303
(1,6527500)
10.51
4,006,775
42,1667583
(700,821)
99
42,166,583
(11652,500)
10.51
4,153,979
44,768,062 +
(637,110)
100
44,768,062
(2,422,541)
)0.51
4,446,280
46,791,801 {
(849,086)
101
46,791,801
(2,585,556)
10.51
4,641,656
48,847,900
(823,838)
102
48,847,900
(2,868,396)
10.51
4,827,848
50,807,352 {
(830,872)
103
50,807,352
(3,939,325)
10.51
4,921,143
51,787,170 f
(1,037,347)
104
51,787,170
(4,120,226)
10.51
5,005,239
52,674,184 f
(986,349)
105
52,674,184
(4,601,208)
10.51
5,047,662
53,120,638
(1,001,357)
106
53,120,638
(4,843,065)
10.51
5,069,145
53,346,718 f
(958,175)
107
53,346,718
(5,890,912)
10.51
4,782,860
52,438,666 {
(1,0591532)
108
52,438,666
(6,61.6,981)
10.51
4,810,227
501621,912 {
(1,083,564)
109
50,621012
(67824,541)
10.51
4,598,724
481396,095 f
0,014,425).
110
487396,095
18,674,541)
10.51
4,170,763
43,892,318 f
(1,172,196)
lit
43,892,318
(8,934,777)
10.51
3,670,542
38,6289082 f
(1,097,601)
112
38,628,082
(9,202,821)
10.51
3,089,652
32,514,914 f
(1,0277754)
113
32,514,914
(9,4789905)
10.51
2,418,781
25,454,790 f
(962,352)
114
25,454,790
(9,7637272)
10.51
1,647,609
17,339,127
(901,111)
115
.17,339,127
(10,056,170)
10.51
764,710
8,0471S68 {
(843,768)
116
8,047,668
(8,047,668)
10.51
- 0
0
(613,857)
117
0 .
(0)
10.51
0
0 f
(0)
TOTAL
0
(124,405,905)
?7,?28,112
0 (25,5071990)