HomeMy WebLinkAboutRES CC 2007 2608 2007 0620RESOLUTION NO. 2007 -2608
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, 2007; and
WHEREAS, the Moorpark Redevelopment Agency has agreed to accept the
terms and conditions of the Loan Agreement dated July 1, 2007.
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 2007, and attached as Exhibit "A" to
this resolution, is hereby adopted.
SECTION 2. The City Cleryshall certify to the a opti f this resol�y 'on and
shall cause a certified resolution t ' e filed in the book of o nal Re lutions. /
PASSED AND ADOPTED/this 20th day of June
ATTEST:
Deborah S. Traffenstedt, Cit erk
Attachment: Exhibit "A"
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Resolution No. 2007 -2608
Page 2
EXHIBIT "A"
LOAN AGREEMENT
THIS LOAN AGREEMENT is entered into this 1st day of July, 2007, 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, 2008, 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. 2007 -2608
Page 3
Loan Agreement, Page 2
July 1, 2007
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. 2007 -2608
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. 2007 -2608 was
adopted by the City Council of the City of Moorpark at a regular meeting held on the
20th day of June, 2007, and that the same was adopted by the following vote:
AYES: Councilmembers Mikos, Millhouse, Parvin, Van Dam, and Mayor
Hunter
NOES: None
ABSENT: None
ABSTAIN: None
WITNESS my hand and the official seal of said City this 6th day of July, 2007.
1
Deborah S. Traffenstedt, Cit Clerk
(seal)