Resolution - 8842.5RESOLUTION NO. 8842.5
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF WEST COVINA, CALIFORNIA, APPROVING A
FINANCING AGREEMENT WITH THE REDEVELOPMENT
AGENCY OF THE CITY OF WEST COVINA.
WHEREAS, on January 7, 1992, the City Council of the City
of West Covina ("City") adopted Resolution No. 8771 confirming loan
advances to the Redevelopment Agency of the City of West Covina
("Agency") and setting forth City policy and terms and conditions
a relative to such loan advances; and
WHEREAS, on January 7, 1992, the Agency adopted
Resolution No. 434, approving and accepting the City policies and
terms and conditions for such loan advances;
WHEREAS, the loans by the City to the Agency constitute
a debt of the Agency; and
WHEREAS, to effect the policies set forth in City Council
Resolution No. 8771, as accepted by the Agency by Resolution No.
434, the City Council and Agency hereby determines to enter into an
agreement which provides for repayment to City and establishes an
annual, budgeted, restricted City fund for the appropriation and
loan of such repaid funds to the Agency for the purposes and on the
terms and conditions set out in the Financing Agreement.
NOW, THEREFORE,,. THE.., CITY. COUNCIL OF THE CITY OF WEST
COVINA DOES RESOLVE AS FOLLOWS:
Section 1. The Financing Agreement & incorporated
Promissory Note set forth as Exhibit "A" hereto, which exhibit is
incorporated herein by this reference, are approved. The Mayor is
hereby authorized and directed to execute the Financing Agreement
on behalf of the City the City Manager is authorized to accept any
and all promissory notes executed by the Agency under the Financing
Agreement.
Section 2. The City Clerk shall certify to the
adoption of this resolution by not less than a two-thirds vote of
the members of the City Council eligible to vote on such matter.
APPROVED AND ADOPTED THIS 30th day of June , 1992.
i
ayor
ATTEST:
(/,O�Al
City Cle
I HEREBY CERTIFY that the foregoing Resolution No. 8842.5 was
duly adopted by the City Council of the City of West Covina at a
regular meeting thereof held on the 30th day of June , 1992,
by the following vote:
AYES: Manners,
NOES: None
ABSENT: None
ABSTAIN: None
APPROVED AS TO FORM:
Jennings, Herfert, McFadden, Wong
azkp� Cy . 2An:n-0—
City Atto ney
City C1 k
WCRDALNI.RESO