HomeMy WebLinkAboutRES RDA 2008 193 2008 0618RESOLUTION NO. 2008 -193
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, 2008; and
WHEREAS, the Moorpark Redevelopment Agency has agreed to accept the
terms and conditions of the Loan Agreement dated July 1, 2008.
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, 2008, and attached as Exhibit "A" to
this resolution, is hereby adopted.
SECTION 2. The City Cler shall certify to the.'
shall cause a certified resolution t e filed in the book of
PASSED AND ADOPT this 18th day of June, 2
ATTEST:
Deborah S. Traffenstedt, ncy Secretary
Attachment: Exhibit "A"
option of this resolution and
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Resolution No. 2008 -193
Page 2
EXHIBIT "A"
LOAN AGREEMENT
THIS LOAN AGREEMENT is entered into this 1st day of July, 2008, 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.
OVENANTS
NOW, THEREFORE, THE CITY AND AGENCY AGREE AS FOLLOWS:
SECTION 1. Amount and Use of Loan. The City, from its Special Projects 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, 2009, 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.
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.
Resolution No. 2008 -193
Page 3
Loan Agreement, Page 2
July 1, 2008
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. 2008 -193
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. 2007 -193 was adopted by the Redevelopment Agency of the City of
Moorpark at a regular meeting held on the 18th day of June, 2008, and that the same
was adopted by the following vote:
AYES: Agency Members Mikos, Parvin, Van Dam, and Chair Hunter
NOES: None
ABSENT: Agency Member Millhouse
ABSTAIN: None
WITNESS my hand and the official seal of said City this 27th day of June, 2008.
0
Deborah S. Traffenstedt,
Agency Secretary
(seal)
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