R-371 (2)
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F I : I'm : 0< ~'J' j"
1//30/81
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lV* "-ltg: 1/12/J2
RESOLUTION NO.
371 (RAS)
(Redevelopuent Agency SeriEs)
A RESOLUTI0~ OF THE RSDEVELOPME~T AGE~CY OF THE CITY
OF S:l\NTA :.-]O~ICA ESTABL I SHl NG J>. T\.':EL'.7E PERCEXT (l? %)
lNTERSST F~TE ON FU~DS ~DVANCED BY THE CITY OF
SA~TA 00NIC~ TO THE AGE~CY
I-!H ERE AS, pur sua n t tot h e imp 1 e r;1 en tat: ion 0 -f the
Ocean park Redevelopment project ana the Downtown
RecevelopT'ient Project, the City 0: SFlnta Monica ~as, from
tir-;';2 to tlm2, advanced certain funds to the RedevGlopment
Agency for the purpose of paying adf'1inistr-3live and other
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expenses; and
hIH ERE l<. S, pur sua n t tot 1 e i lit P 1 2 f'l '" n tat ion 0 f the
Ocean p;:l rl.: Red~velop'leT1t ? rOJ ec t, the Redevel Opmej1 t Ag en c y
ho5 Issued certain project ~otesi and
\IfHERE.:>"S, in order to aSSIst the Redevelopr..ent
Agency with tDe obligations accruing under the Project Notes,
the City of Sallta r'5onica has,- [ro:-;1 time to tiJ.le, advanced
certain funds to the Redevelopment Agency for the purpose of
paying interest on sai~ ~otes~ and
~o,JHr:REAS, the DO',vntov;n Redevelop~ent Project and
O"'e""n Part.- pro-er-.t as 0'" JI'nO 30 lClO], are 1n cebt to the
'-' u- ~'" j 'J , L ~ '-' _ , _ ') -
Ci ty of Santa Monica in the ar-.:)unts of S~7] ,Ql\() al'1d S8?t1 rl!40
respectively; and
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WHEREAS1 the Occ?n par~ project debt ~2S secu~pd by
a one (1) year proMissory note due TJece;-,ber 13, 1981 bea-::ing
~nr.ual interest at ten percent (10%); and
\-'lHEREAS, the City has, SlYlce 1971), allocated
certain Community Development Blo~k Grant funds for the
pay~ent of outstanding Ocean Park Recevelopment Project
Notes; ana
~HSREAS, these adva~ces total $1,057,975.87 and the
Interest aMount which has accrued through June 30, 1981,
tot~ls $185,291.01 for a grand total of Sl,243,2~6.98i and
t.,rHEaEAS 1 the se advanc es a re secured by a two (2)
year promissory note due June 30, 1981 bearing interest at
ten perce~t (10%); and
WI-] E REA S , e f fee t i ve J an u a r y 1 r 1 9 8 2, the i ;l t ere s t
rate ceiling on public agency debt has bee~ changed fro~ ten
percent (10%) to twelve percent (12%); and
WHERE~S, in consideration of not calling the
a!TI Q un t s due and 1 n con sid f' rat ion 0 f f u t u r e Ci d van c e s, the
Agency agrees to pay interes~ cost for all advanced funds at
the rate of t\velve percent (12%),
Nm-], THI::R2FOR.E, THE REDEVELOP~.'ENT AG CNCY OF THE
CITY OF Sl\NTI>. ~'')NICA RESOLVES AS FOLLOFS:
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SEeTIO..
tr.e
^gency herebY~
The
~orizes
Chairperson to execute the pronissory notes 10 the a~ounts of
Eight Hundred Seventy One Thousand, Eight Bunored Forty
Dollars {S871,840), Eight Hundred Twenty Four Thousand, Four
nundred Forty Nine Dollars ($8?t ,";49), and One Mill ion, TvlO
Hundred For~y Three Thousa~d, Two Hunareo Sixty six Do~lars
and Eighty Eight Cents
($l,243,2I'jtj.88) .
notes
shall
Such
bear interest at twelve
percent 02%) annually.
notes
Such
shall be due on nenand by the City.
SECTION 2. Any future advances by the City to the
Agency shall be rei~bursed on a quarterly basIs from
avaIlable funds.
Such advances shall bear interest at twelve
per:::ent (12%) annually.
Whether funds are available for
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repayment or are required for current or future redevelop~ent
activities shall be deterrn,ined by the RedevelopT'1ent ?gency
Executive Director.
SECTION 3.
'The Secretary shall certify to the
adoption of this resolution, and thenceforth and thereafter
the sa82 shall be in full for~e and effect.
APPROVED AS TO FORq:
(1 =--6--'---.. -:\- \.~ . \.-~-
ROBE~T M. MYERS \)
Agency Attorpey
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