M-1/12/1982 (4)
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12/30/81
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Age~ Mtg: 1/12/82
RESOLUTJON 1\10.
371 (RAS)
(Redevelopment Agency SerIes)
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY
OF SANTA MONICA ESTABLISHING A TWELVE PERCENT (12%)
lNTEREST RATE O~ FUNDS ~DVANCED BY THE CITY OF
SANTA MONICA TO THE AGENCY
WH ERE AS, pur sua n t tot h e imp 1 erne n tat ion 0 f the
Ocean Park Redevelopment project and the Downtown
Redeve lopment proj ect, the ~ i ty of San ta Mo n i c a ha s , from
tIme to time, advanced certain funds to the Redevelopment
Agency for the purpose of paying administrative and other
expenses; and
WHEREAS, pursuant to the implementation of the
Ocean Park Redevelopment Proj ect, the Redevel opmen t Agency
has issued certaIn project Notes; and
WHEREAS, In order to assist the Redevelopment
Agency With the obligations accrUing under the ProJect Notes,
the CIty of Santa TI1.onica has, from time to tIme, advanced
certain funds to the Redevelopment Agency for the purpose of
paying interest on Sold Notes; and
WHEREAS, the Downtown Redevelopment Project and
Ocean Park Project, as of June 30, 19B1, are in debt to the
City of Santa Monica in the amounts of ~87J ,~40 and S8?4,449
respectively; ond
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WHEREAS, the Ocean Park ProJect debt was secured by
a one (1) year promissory note due December 13, 1981 bearing
annual Interest at ten percent (10%); and
WHEREAS, the City has, since 1976, allocated
certaln Community Development Block Grant funds for the
payment of outstanding Ocean Park Redevelopment Project
Notes; and
WHEREAS, these advances total $1,057,975.g7 and the
interest aITlount which has accrued through June 30, 19R1,
totals $185,291.01 for a grand total of Sl,243,?h~.88; and
WHEREAS, these advances a re secured by a two (2)
year promi ssory note due June 30, 19'\1 bea ring i nte rest at
ten percent (10%); and
WHEREAS, effective January 1, 1982, the interest
rate ceiling on publiC agency debt has been changed from ten
percent (IO%) to twelve percent (12%); and
WHEREAS, in consideration of not calling the
amounts due and in consideration of future Cldvances, the
Agency agrees to pay interest cost for all advanced funds at
the rate of twelve percent (12%),
NOW, THEREFORE, THE REDEVELOPMENT AG ENCY OF THE
CITY OF SANTA MONICA RESOLVES ~S FOLLOWS:
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SECTION 1.
The Agency hereby authorizes the
Chairperson to execute the promissory notes in the amounts of
Eight Hundrec1 Seventy One Thousand, Eight Hunnred Forty
Dollars (S87l,R40), Eight Hundred Twenty Four Thousand, Four
Hundred Forty Nine Dollars (S8?.tt ,449), and One Milllon, Two
Hundred Forty Three Thousand, Two Hundred sixty Six Dollars
and Eighty Eight Cents ($1,243,2(:)1=;.88).
Such notes shall
bear lnterest at twelve percent (12%) annually.
Such notes
shall be due on demand by the City.
SECTION 1. Any future advances by the Clty to the
Agency shall be reimbursed on a quarterly basis from
avallable funds. Such advances shall bear interest at twelve
percent (12%) annually.
Whether funds are available for
repayment or are required for current or future redevelopment
actlvities shall be deterMined by the Redevelopment Agency
Executive Dlrector.
SECTION ~.
The Secretary shall certify to the
adoption of this resolution, and thenceforth and thereafter
the same shall be in full force and effect.
~PPROVED AS TO FORM:
,1. ~~ i\ \.-.. . "'-X-
ROBERT M. MYERS \)
Agency Attorney
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ADOPTED AND APPROVED THIS
12th
DAY
OF
January
, 1 982 .
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~.:' I . r-t /~~ _ // _!jr.. / .;//
BY .illfL'r;J.-1AA:X#e(~-:<' ~l--&d<d;;::t"
H VANNAT ~ GOLDWAY
CHl\IRl:()~lAr~ /-
THEREOF HELD ON
AGENCY VOTE:
AYES:
. rw E S :
ABSENT:
I HEREBY CERTIFY THAT THE FOREGOING RESOLUTION
NO. 371 ( R AS) WAS 0 U L Y ADO P TED B Y THE RED EVE LOP 11 E rn
AGENCY OF THE CITY OF SANTA MONICA AT A MEETING
January 12 , 1982 BY THE FOLLOUING
AGENCY MEMBERS: Conn, Edwards, Press, Reed, Zane,
Chairwoman Vannatta Goldway
AGE ;'J C Y r4 E r1 B E R S : Non e
AGENCY MEMBERS: Jennlngs
A B S T A I t~ :
AGEIJCY NEHBERS: None
ATTEST:
BY
C;;Wi )1"-~(#'~
ANN M. SHORE - SECRETARY
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