R-386
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C/ED:EDD:MT:EF:NG:mb
Agency MeetIng of 06/26/84
Santa Monlca, Callfornla
RESOLUTION NO. 386(RAS)
(Redevelopment Agency SerIes)
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY
OF SANTA MONICA AUTHORIZING PARTIAL REPAYMENT OF
DEBT OWED THE CITY OF SANTA MONICA ON PROMISSORY
NOTE NUMBER ONE OF THE DOWNTOWN REDEVELOPMENT PROJECT
WHEREAS, pursuant to the ImplementatIon of the Downtown
Redevelopment ProJect, the CIty of Santa Morlca has, from tlme to
tlme, advanced certaIn funds to the Redevelopment Agency for the
purpose of paYlng admInistratIve and other expenses; and
WHEREAS, the Redevelopment Agency has lssued certaln
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Promlssory Notes establishlng the terms and conditlons for repay-
ment of funds advanced by the CIty; and
WHEREAS, the Downtown Redevelopment Project, as of
Januar y 1 J 1984, 1 s Hl debt to the Cl ty of Santa MonIca on Prom-
lssory Note Number One, the amount of One MIlllon, Slxty-Four
Thousand, Three Hundred Forty-Two dollars and four cents
($1,064,342.04); and
WHEREAS, the partlal repayment of debt wIll aSSI st the
Cl ty of Santa Monlca In Implementing economic development pro-
grams; and
WHEREAS, the Redevelopment Agency ExecutIve DIrector has
_ determIned that there are sufflclent funds ln the Agency budget
to make a partIal prlnclpal repayment on Promissory Note Number
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Adopted and approved thlS 26th day of June, 1984.
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Chairperson
I hereby certify that the foregoing Resolution No. 386(RAS)
was duly adopted by the Redevelopment Agency of the City of Santa
following Agency vote:
Monica at a meeting thereof held on June 26, 1984 by the
Ayes:
Agency Members: Conn, Epstein, Jennings, Press,
Zane and Chairperson Edwards
Noes:
Agency Members: Reed
Absent:
Agency Members: None
Abstain:
Agency Members: None
ATTEST:
By
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Secretary