HomeMy WebLinkAboutRES CC 2003 2104 2003 0618RESOLUTION NO. 2003 -2104
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
MOORPARK, CALIFORNIA, ADOPTING A LOAN AGREEMENT
BETWEEN THE CITY OF MOORPARK AND THE MOORPARK
REDEVELOPMENT AGENCY
WHEREAS, the City of Moorpark has agreed to advance funds
to the Moorpark Redevelopment Agency in accordance with the
terms of a Loan Agreement dated July 1, 2003; and
WHEREAS, the Moorpark Redevelopment Agency has agreed to
accept the terms and conditions of the Loan Agreement dated July
1, 2003.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF MOORPARK
DOES HEREBY RESOLVE AS FOLLOWS:
SECTION 1. The Loan Agreement between the City of Moorpark
and the Moorpark Redevelopment Agency dated July 1, 2003, and
attached as Exhibit "A" to this resolution, is hereby adopted.
SECTION 2. The City Clerk sh certify to the adoption of
this resolution and shall c se a cer fied resolution to be
filed in the book of originesolutions.
PASSED AND ADOPTED tl-/is 18th day of Jq�ie, 260
ATTEST:
Deborah S. Traff4nsteVt, City Clerk
Attachment: Exhibit "A" -Loan Agreement
rick Hum, Mayor
Resolution No. 2003 -2104
Page 2
EXHIBIT "A"
LOAN AGREEMENT
THIS LOAN AGREEMENT is entered into this lst day of July, 2003,
by and between the City of Moorpark ( "City ") and the Moorpark
Redevelopment Agency ( "Agency ").
RECITALS
WHEREAS, the Agency was created by Ordinance 87, adopted by
the City Council on March 18, 1987, for the purpose of
eliminating blighted conditions within specified project areas;
and
WHEREAS, in support of its mission, the Agency is
developing and implementing plans to acquire and construct
certain public facilities; and
WHEREAS, the Agency has determined that, in order to
undertake this redevelopment project, temporary financial
assistance in the form of a loan is required from the City of
Moorpark; and
WHEREAS, Section 33600 et. seq. of the California Community
Redevelopment Law authorizes the Agency to borrow money or
accept financial or other assistance from the City.
COVENANTS
NOW, THEREFORE, THE CITY AND AGENCY AGREE AS FOLLOWS:
SECTION 1. Amount and Use of Loan. The City, from its
General Fund, will advance to the Agency the amount of
$5,000,000 (five million dollars). Agency agrees to use such
loan proceeds only for those purposes set forth in the Health
and Safety Code and approved by the Agency.
SECTION 2. Repayment of Funds. The Agency will repay this
loan, both principal and interest, in full on or before June 30,
2004, unless extended by amendment to this Agreement.
SECTION 3. Interest Payment. This loan will bear interest
at a rate equivalent to the rate earned by City investments in
the Local Agency Investment Fund, plus one percent.
Resolution No. 2003 -2104
Page 3
Loan Agreement, Page 2
July 1, 2003
SECTION 4. Obligation Constitutes Indebtedness. This loan
agreement shall constitute an obligation and debt of the Agency
to use all available increment revenue to repay the City. Such
indebtedness shall be subordinate to any and all other Agency
indebtedness incurred by the Agency, including indebtedness
incurred through the issuance of tax allocation notes or bonds
or any other bonds of the Agency.
IN WITNESS WHEREOF, the parties have executed this Agreement as
of the date first written above.
MOORPARK REDEVELOPMENT AGENCY CITY OF MOORPARK
Patrick Hunter, Chair
ATTEST:
Deborah S. Traffenstedt,
Agency Secretary
Steven Kueny, City Manager
Deborah S. Traffenstedt,
City Clerk
Resolution No. 2003 -2104
Page 4
STATE OF CALIFORNIA )
COUNTY OF VENTURA ) ss.
CITY OF MOORPARK )
I, Deborah S. Traffenstedt, City Clerk of the City of
Moorpark, California, do hereby certify under penalty of perjury
that the foregoing Resolution No. 2003 -2104 was adopted by the
City Council of the City of Moorpark at a regular meeting held
on the 18th day of June, 2003, and that the same was adopted by
the following vote:
AYES: Councilmembers Harper, Mikos, Millhouse, Parvin
and Mayor Hunter
NOES: None
ABSENT: None
ABSTAIN: None
WITNESS my hand and the official seal of said City this
14th day of July, 2003.
Deborah S. Traffenste , City Clerk
(seal)