R-368
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RESOLUTION NO. 368
(Redevelopment Agency Serles)
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE
CITY OF SANTA MONICA ACKNOWLEDGING THE RECEIPT
OF FUNDS FROM THE CITY OF SANTA MONICA, AND
AUTHORIZING THE REPAYMENT TO THE CITY OF SAID
FUNDS.
WHEREAS, pursuant to the lmpleffientation of the Ocean
Park lea) and l(b) Redevelopment Projects, the Redevelopment Agency
has issued certaln ProJect Notes; and
WHEREAS, in order to assist the Redevelopment Agency with
the obllgations accrulng under the ProJect Notes, the Clty of Santa
Monlca has, from time to time, advanced certain funds to the
Redevelopment Agency for the purpose of paying prlnclpal and interest
on sald Notesi and
WHEREAS, in considerat~on for future advances, the Agency
agrees to pay interest costs for prevlously advanced funds.
NOW BE IT HEREBY RESOLVED AS FOLLOWS:
SECTION l. The Redevelopment Agency of the Clty of Santa
Monlca acknowledges the receipt of funds from the City in the amount
of One M~lllon, F~fty-Seven Thousand, N~ne Hundred Seventy-F~ve and
87/l00 Dollars ($l,057,975.87) for the payment of prlncipal and
lnterest on outstanding ProJect Notes.
SECTION 2. The Agency hereby pledges to repay the City the
prlnclpal amount of One Milllon, Fifty-Seven Thousand, Nine Hundred
Seventy-Flve and 87jlOO Dollars ($l,057,975.87) and accrued interest
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on sald amount through the perlod June 30, 1981, as funds become
avallable.
SECTION 3. The Agency agrees that lnterest shall accrue
on all unpald princlpal at the rate of ten percent (lO%) per annum.
SECTION 4. The Agency agrees that payments from avallable
funds shall be appl~ed first to accrued 1nterest, and second to
outstanding principal.
SECTION 5. The Agency hereby authorizes the Chairwoman to
execute the attached Prom~ssory Note ln the amount of One Milllon,
Two Hundred Forty-Three Thousand, Two Hundred Sixty-S1X and 88/100
Do lIar s ( $l , 24 3 , 2 6 6 . 8 8) .
SECTION 6. The Secretary shall certlfy to the adoptlon
of this resolut1on, and thence forth and thereafter the same shall
be ln full force and effect.
APPROVED AS TO FORM:
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ROBERT M. MYERS
Agency Attorney
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ADOPTED AND APPROVED T~IS
23rd
DAY
OF
June
, 1981.
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RU TH ;~~iI:~A TT AGO LDtfA YiI
(jrAIRUOt1Ar~
I HEREBY CERTIFY THAT THE FOREGOING RESOLUTION
NO. 368 (RAS)
WAS DULY ADOPTED BY THE REDEVELOPMENT
AGEr~CY OF THE CITY OF SArnA no~nCA AT A REGULAR tlEETIrIG
THEREOF HELD ON
June 23
, 1981 BY THE FOLL01/Ir~G
AGENCY VOTE:
AYES: AGENCY t1 01 B E R S : Ed\<Ja rds , Conn, Jennings, Press, Reed,
lane, Yannat ta Go 1 d\<Jay
HOES: AGE;ICY ;., E t1 B E R S : Hone
ABSENT: AGEnCY ~~1 E q B E R S : None
ABSTAIN: AGErJCY NEflBERS: None
ATTEST:
BY {2 c--r' '1;7 h~
AN~ M. SHORE - SECRETARY
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PRQ.\nSSORY NOTE
Ocean Park ProJect
1 (a) and 1 (b)
Santa Monlca, Callfornla
June 30, 1981
Two years after date or sooner, for value recelved,
the underslgned promises to pay to the Clty of Santa Monica,
on order, at Santa Monica, Callfornia, the sum of One Ml111on,
Two Hundred Forty-Three Thousand, Two Hundred Slxty-Six and
88/100 Dollars ($l,243,266.88) wlth lnterest from July 1, 1981,
untll pald at the rate of ten percent (lO%) per annum, payable
at termlnation of note.
Should interest not be so pald, lt shall thereafter
bear like lnterest as the princlpal; but such unpald interest
so compounded shall not exceed an amount equal to simple
interest on the unpaid prlnclpal at the maxlmum rate permitted
by law. Should default ba made in payment of interest when
due, the whole sum of prlnclpal and lnterest shall become
lmmedlately due at the option of the holder of this note.
PrlnClpal and lnterest are payable In lawful money or the
Unlted States.
If such action be lnstltuted on this note, the
underslgned promises to pay all costs of collectlon, includlng
reasonable attor~eyts fees.
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The Re~evelopment Agency of
the City of Santa Monlca .
i/7/ I lJ/ /1 .f-;/: /" .
Jy ~~~-c!tL.. @/~7Ut
~UTr: ~A~NATTA GOLDWfiY ('~
Chalrwoman
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ATTEST:
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By (J~ / If "YHi..&-'____
ANN M. SHORE
Secretary
APPROVED AS TO FOffi1:
By O~\-\v"'\vvG
ROBERT- t-1. HYERS
Agency Attorney
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