HomeMy WebLinkAboutRES RD 1999 85 1999 0721RESOLUTION NO. 99 -85
A RESOLUTION OF THE MOORPARK REDEVELOPMENT
AGENCY OF THE CITY OF MOORPARK, CALIFORNIA,
ACCEPTING AN INTEREST RATE CHARGED ON THE LOAN
OF CITY FUNDS.
WHEREAS, the City of Moorpark has loaned funds to the
Moorpark Redevelopment Agency for various purposes; and
WHEREAS, the interest rate charged on those loaned funds
has been ten percent (10 %) simple interest payable annually; and
WHEREAS, in consideration of the Agency's accelerated
repayment of the loaned amounts to the City the City proposes to
reduce the annual interest rate charged; and
WHEREAS, the Agency Board of Directors has agreed to accept
a revised interest rate.
NOW, THEREFORE, THE REDEVELOPMENT AGENCY BOARD OF DIRECTORS
OF THE CITY OF MOORPARK DOES HEREBY RESOLVE AS FOLLOWS:
SECTION 1. Effective July 1, 1999, the interest rate to be
paid by the Moorpark Redevelopment Agency for any City funds
loaned to it shall be a rate of eight percent (8 %) per annum
simple interest.
SECTION 2. The interest due on all outstanding loan
balances shall be paid by the Agency to the City prior to June 1
of each year for that year.
SECTION 3. The Agency Secretary shall certify to the
adoption of this resolution and shall cause a certified
resolution to be filed in the book of original Resolutions.
PASSED AND ADOPTED this 21St day of July 1999.
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* MARCH 18, 1987
Deborah S. Traffens edt, Secretary
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Resolution No. 99 -85
Page 2
STATE OF CALIFORNIA )
COUNTY OF VENTURA ) ss.
CITY OF MOORPARK )
I, Deborah S. Traffenstedt, Secretary of the Redevelopment
Agency of the City of Moorpark, California, do hereby certify
under penalty of perjury that the foregoing Resolution No. 99 -85
was adopted by the Redevelopment Agency of the City of Moorpark
at a meeting held on the 21St day of July, 1999 and that the same
was adopted by the following vote:
AYES: Agencymembers Evans, Harper, Rodgers, Wozniak and
Chair Hunter
NOES: None
ABSENT: None
ABSTAIN: None
WITNESS my hand and the official seal of said City this
23rd day of December, 1999.
Deborah S. Traffenstedt,
Agency Secretary
(seal)
Op M EN T�C�
ESTABLISHED `
* MARCH 18. 1987
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