HomeMy WebLinkAbout1991-5302
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RESOLUTION NO. 5302
2 RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE
CITY OF SAN BERNARDINO AUTHORIZING THE EXECUTION OF A LOAN
3 AGREEMENT WITH THE SAN BERNARDINO JOINT POWERS FINANCING
AUTHORITY.
4
5 WHEREAS, pursuant to the Community Development Law of the
6 state of California, (Health & Safety Code Section 33000, et
7 seq.), the Redevelopment Agency of the City of San Bernardino (the
8 "Agency") is carrying out the Redevelopment Plan for the South
9 East Industrial Park Redevelopment proj ect Area ( the "proj ect
10 Are a" ); and
11 WHEREAS, the Agency is authorized to invest funds not
12 immediately necessary for the implementation of the Redevelopment
13 Plan; and
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WHEREAS, the Agency and the Authority desire to promote
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15 redevelopment in the South East Industrial Park Redevelopment
16 Project Area in the City of San Bernardino; and
17 WHEREAS, the redevelopment of the Project Area would address
18 blighting influences within the vicinity of the Project Area and
19 throughout the City, and would substantially benefit the Project
20 Area and the community; and
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WHEREAS, in order to effectuate the provisions of the
22 Redevelopment Plan of the South East Industrial Project Area, the
23 Agency proposes to loan and the Authority proposes to borrow Two
24 Hundred Forty Five Thousand Dollars ($245,000.00) pursuant to that
25 "Loan Agreement", a copy of which is attached hereto as Exhibit
26 "A" and is incorporated herein by reference;
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NOW, THEREFORE, BE IT RESOLVED BY THE COMMUNITY DEVELOPMENT
COMMISSION OF THE CITY OF SAN BERNARDINO AS FOLLOWS:
DABjsesjAuthorit.res
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September 12, 1991
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1 SECTION 1. The loan of funds pursuant to the Loan Agreement
2 is in the best interest of the Agency and will promote the public
3 health, safety and welfare.
4 SECTION 2. The Executive Director is hereby authorized to
5 execute the Loan Agreement on behalf of the Agency.
6 SECTION 3. This Resolution is rescinded if the parties to
7 the Agreement fail to execute it within sixty (60) days of the
8 passage of this resolution.
9 I HEREBY CERTIFY that the foregoing resolution was duly
10 adopted by the Community Development Commission of the City of San
11 Bernardino at a Joint Regular meeting thereof, held on the
12 16th day of September , 1991, by the following vote, to wit:
13 III
14 III
15 III
16 III
17 III
18 III
19 I I I
20 I I I
21 I I I
22 III
23 III
24 I I I
25 III
26 I I I
27 I I I
28 I I I
DAB/ses/Authorit.res
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September 12, 1991
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1 RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE
CITY OF SAN BERNARDINO AUTHORIZING THE EXECUTION OF A LOAN
2 AGREEMENT WITH THE SAN BERNARDINO JOINT POWERS FINANCING
AUTHORITY.
Commission Members: AYES NAYS ABSTAIN ABSENT
ESTRADA x
REILLY x
HERNANDEZ x
MAUDSLEY x
MINOR x
POPE-LUDLAM x
MILLER X
day of
The foregoing resolution is hereby
September
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Approved as to
form and legal content:
~~a~/
ency Cou el
DABjsesjAuthorit.res
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September 12, 1991
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LOAN AGREEMENT
(AGENCY TO AUTHORITY)
THIS AGREEMENT is entered into as of this 16th
day of September
, 1991, by and between the SAN BERNARDINO
JOINT POWERS FINANCING AUTHORITY (the "Authori ty" ) and the
COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF SAN BERNARDINO
(the "Agency").
R E C I TAL S
A. WHEREAS, the Community Redevelopment Law (Health &
Safety Code, Section 33603) authorizes redevelopment agencies to
invest any money held in reserves or sinking funds, or any money
not required for immediate disbursement, in property or
securities; and
B. WHEREAS, there are presently available to the Agency
funds generated by the South East Industrial Park Redevelopment
Project (the "Project"), which may be invested; and
C. WHEREAS, the Authority desires to borrow funds from the
Agency;
NOW THEREFORE, the Authority and the Agency agree as
follows:
1. The Agency agrees to loan Two Hundred Forty Five
Thousand Dollars ($245,000.00) to the Authority on September 16 ,
1991.
The Authority shall, in consideration of such loan, be
obligated to pay to the Agency the amount of Two Hundred Forty
Five Thousand Dollars ($245,000.00) (the "Loan Amount"), plus
interest accruing at the rate of Q~~ Percent (~%) on or before
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~pprpmhpr In , 1996 provided that at the option of the Agency said
loan may be extended for successive one year periods.
DAB/ses/Loan.agr
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September 13, 1991
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LOAN AGREEMENT
(AGENCY TO AUTHORITY)
date first above shown.
2. This Agreement shall be effective as of the day and
ATTEST:
a~ ~4T~
- Secretary
ATTEST:
By:
Approved as to form
and legal content:
BY:~~L
v Autho ty Counsel
ATTEST:
By:
Approved as to form
and legal content:
B~
Ag ncy Counsel
DAB/ses/Loan.agr
SAN BERNARDINO JOI
FINANCING AUTHORI
COMMUNITY DEVELOPMENT COMMISSION OF
THE CITY OF SAN B RDINO
2
September 13, 1991