HomeMy WebLinkAboutRES RD 2005 149 2005 0615RESOLUTION NO. 2005 -149
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, 2005; and
WHEREAS, the Moorpark Redevelopment Agency has agreed to
accept the terms and conditions of the Loan Agreement dated July
1, 2005.
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,
2005, and attached as Exhibit "A" to this resolution, is hereby
adopted.
SECTION 2. 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 15-
ATTEST:
Deborah S. Traffenstelee,
Attachment: Exhibit "A"
Agency Secretary l
* ESTABLISHED
MARCH 18, 1.
Resolution No. 2005 -149
Page 2
EXHIBIT "A"
LOAN AGREEMENT
THIS LOAN AGREEMENT is entered into this lst day of July, 2005,
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, 2006, 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. 2005 -149
Page 3
Loan Agreement, Page 2
July 1, 2005
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. 2005 -149
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. 2005-
149 was adopted by the Redevelopment Agency of the City of
Moorpark at a regular meeting held on the 15th day of June,
2005, 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
23rd day of June, 2005.
Deborah S. TraffenstVdt,
Agency Secretary
(seal)
��� OPRIENT
* ES�iA id,SFHED
MAPCH 18,1987
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