Resolution - 2006-53RESOLUTION NO. 2006-53
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF WEST
COVINA APPROVING A LOAN TO THE WEST COVINA COMMUNITY
DEVELOPMENT COMMISSION FOR THE PAYMENT OF PROJECT
AND ADMINISTRATIVE EXPENSES FOR THE CITY-WIDE 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 $600,000 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 $600,000 for the
purpose of defraying project and administrative expenses and overhead of the Agency in the
City -Wide 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 $600,000 at 6.0% interest.
SECTION 4. The Agency will repay said loan plus accrued interest, to the city within
one year of the date of this resolution 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 20th day of June 2006.
ATTEST
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ity erk LArie Carrico
Resolution No. 2006-53
June 20, 2006
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•
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 20`h day of June 2006, by the following vote
of the City Council:
AYES:
Hernandez, Sanderson, Touhey, Herfert
NOES:
None
ABSENT:
Lane
ABSTAIN:
None
APPROVED AS TO FORM:
f ^�
City Attorney Am d Alvarez-Glasman
Clerk