Resolution - 2007-44RESOLUTION NO.2007-44
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
is
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 $700,000 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 $800,000
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 $700,000 at 6.25% 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 this 5th day of June 2007
%Mar Michael Touhey
ATTEST:
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City lerk curie Carrico
Resolution No. 2007-44
Page 2
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I, LAURIE CARRICO, CITY CLERK of the City of West Covina, California, do hereby
certify that the foregoing resolution was approved and adopted by the City Council of
the City of West Covina, California at their regular meeting of June 5, 2007, by the
following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
Herfert, Hernandez, Lane, Sanderson, Touhey
None
None
Nnne.
APPROVED AS TO FORM:
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City Attorney mod Alvarez-Glasman