HomeMy WebLinkAboutRES RD 2004 141 2004 0616RESOLUTION 2004 -141
A RESOLUTION OF THE REDEVELOPMENT AGENCY 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, 2004; and
WHEREAS, the Moorpark Redevelopment Agency has agreed to
accept the terms and conditions of the Loan Agreement dated July
1, 2004.
NOW, THEREFORE, THE REDEVELOPMENT AGENCY 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, 2004, and
attached as Exhibit "A" to this resolution, is hereby adopted.
SECTION 2. The Agency Secretary shall certify to the
adoption
resolution
of this resolution and shall cause a certified
to be filed in the book of original Resolutions.
PASSED AND ADOPTED this 1
ATTEST:
Deborah S. Traffensted 'tv Agency Secretary
Attachment: Exhibit "A"
Resolution No. 2004 -141
Page 2
EXHIBIT "A"
LOAN AGREEMENT
THIS LOAN AGREEMENT is entered into this 1st day of July, 2004,
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,
2005, 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. 2004 -141
Page 3
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. 2004 -141
Page 4
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. 2004-
141 was adopted by the Redevelopment Agency of the City of
Moorpark at a regular meeting held on the 16th day of June, 2004
and that the same was adopted by the following vote:
AYES: Agency Members
and Chair Hunter
NOES:
None
ABSENT:
None
ABSTAIN:
None
Harper, Mikos, Millhouse, Parvin
WITNESS my hand and the official seal of said City this 9th
day of July, 2004.
Deborah S. Traffenstele,
Agency Secretary
(seal)