HomeMy WebLinkAbout1991-300
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RESOLUTION NO. 91-300
RESOLUTION OF THE MAYOR AND COMMON COUNCIL APPROVING LOAN
AGREEMENT WITH THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF
SAN BERNARDINO FOR $900 ,000.00 TO BE SECURED BY TAX ALLOCATION
BOND PROCEEDS. (Financing of Carousel for Central City Mall)
BE IT RESOLVED BY THE MAYOR AND COMMON COUNCIL OF THE CITY
OF SAN BERNARDINO AS FOLLOWS:
SECTION 1.
The Mayor of the City of San Bernardino is
hereby authorized and directed to execute that certain Loan
Agreement, a copy of which is attached hereto as Exhibit "A",
which provides for a loan to the Community Development Commission
of the City of San Bernardino in the amount of $900,000.00 payable
upon demand at an interest rate of .5% (one-half percent) above
the City's average portfolio rate of return as calculated on a
13 monthly basis, such loan proceeds to be from the Sewer Line
14 Construction Fund.
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SECTION 2.
The authorization to execute the above-
16 referenced Agreement is rescinded if the parties to the Agreement
17 fail to execute it within sixty (60) days of the passage of this
18 Resolution.
19 I HEREBY CERTIFY that the foregoing Resolution was duly
20 adopted by the Mayor and Common Council of the City of
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San Bernardino at a
reqular
meeting thereof, held on the
day of July
, 1991, by the following vote, to wit:
1st
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25 III
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DAB/bg [CDC-Loan.Res]
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June 24, 1991
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RESOLUTION OF THE MAYOR AND COMMON COUNCIL APPROVING LOAN
AGREEMENT WITH THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF
SAN BERNARDINO FOR $900,000.00 TO BE SECURED BY TAX ALLOCATION
BOND PROCEEDS.
Council Members: AYES NAYS ABSTAIN
ESTRADA x
REILLY x
HERNANDEZ x
MAUDSLEY x
MINOR x
POPE-LUDLAM x
MILLER
x
of
The foregoing resolution is
Julv , 1991.
Approved as to
form and legal content:
JAMES F. PENMAN,
City Attorney
B~
DAB/bg [CDC-Loan.Res]
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C--^..-i..-c.. I' 'l .{,: /V'~'U>( [--~
Ci ty Clerk I
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hereby approved this 5th
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day
/
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June 24, 1991
Res. 91-300
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LOAN AGREEMENT
This Agreement is made and entered into this 1st day of
July , 1991, by and between the CITY OF SAN BERNARDINO, a
Municipal Corporation, ("City"), and the COMMUNITY DEVELOPMENT
COMMISSION OF THE CITY OF SAN BERNARDINO, a Public Agency, on
behalf of the Redevelopment Agency of the City of San Bernardino
( "Agency" ) .
The parties hereto agree as follows:
1. Ci ty hereby agrees to loan to Agency, and Agency hereby
agrees to borrow from City, the sum of Nine Hundred Thousand
Dollars ($900,000.00) payable upon demand at an interest rate of
.5% (one-half percent) above the City's average portfolio rate of
return as calculated on a monthly basis.
2. Ci ty will prepare an invoice requesting payment of
interest on a monthly basis.
3. Agency agrees to pay City the calculated interest rate
as provided in Paragraph 1 above on the principal balance within
ten (10) days of receipt of said invoice from City.
4. City will make the loan herein provided from available
funds which may include the Sewer Line Construction Fund.
5. This loan will be secured by Tax Allocation Bond
Proceeds held in reserve by Agency and payable upon written demand
from the City Administrator.
6. Upon written request by Agency, the loan shall be made
to Agency in one lump sum. No interest shall accrue nor repayment
obligations occur until loan is received by Agency.
III
DABlbg [CDC-Loan.Agr]
June 24, 1991
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7. Any notices to be given from one party to the other
under this Agreement shall be in writing, and deposited with the
Uni ted States Postal Service postage prepaid and addressed as
follows:
TO THE CITY:
TO THE AGENCY:
City Administrator
CITY OF SAN BERNARDINO
300 North "0" Street
San Bernardino, CA 92418
Timothy C. Steinhaus
Executive Director
ECONOMIC DEVELOPMENT AGENCY
201 North "E" Street
San Bernardino, CA 92418
Nothing in this paragraph shall be construed to prohibit the
giving of notice by personal service.
IN WITNESS WHEREOF, the parties hereto have executed this
Agreement on the day and date first above shown.
ATTES'l' :
..j
By iJ\'C()~ "- ,1\", '- ", .1
City Clerk J
Approved as to Form
and Legal Content
JAMES F. PENMAN
City Attorney
Approved as to Form
and Legal Content
DAB/bg [CDC-Loan.Agr]
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.1UL 5 - 1\,'
COMMUNITY DEVELOPMENT COMMISSION
OF THE CITY OF SAN BERNARDINO
By
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June 24, 1991