HomeMy WebLinkAboutRES RDA 2012 252 2012 0118RESOLUTION NO. 2012 -252
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF
THE CITY OF MOORPARK, CALIFORNIA, RESCINDING
RESOLUTION NO. 2011 -248 ADOPTING A LOAN
AGREEMENT BETWEEN THE CITY OF MOORPARK AND
THE REDEVELOPMENT AGENCY OF THE CITY OF
MOORPARK FOR FY 2011/12
WHEREAS, Resolution No. 2011 -248 authorized the Redevelopment Agency of
City of Moorpark to enter into a loan agreement for $5 million with the City of Moorpark;
and
WHEREAS, ABx1 26 as signed by the Governor of the State of California and
upheld by the California Supreme Court, abolishes the Redevelopment Agency of the
City of Moorpark; and
WHEREAS, the City of Moorpark and the Redevelopment Agency of the City of
Moorpark never implemented this loan and both desire to rescind this loan agreement.
NOW, THEREFORE, THE REDEVELOPMENT AGENCY OF THE CITY OF
MOORPARK DOES HEREBY RESOLVE AS FOLLOWS:
SECTION 1. Resolution No. 2011 -248 adopting a Loan Agreement between the
City of Moorpark and the Redevelopment Agency of the City of Moorpark dated July 1,
2011, and attached as Exhibit "A" to this resolution, is hereby rescinded.
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 18th day of January, 2012.
(!a ce S. Parvin, Chair
ATTEST:
OpMENTgG`
F
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Maureen Benson, Agency Secretary
* ESTABLISHEE
Attachment: Exhibit "A" MARCH 18, 1987
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Resolution No. 2012 -252
Page 2
LOAN AGREEMENT
THIS LOAN AGREEMENT is entered into this 1st day of July, 2011, by and between
the City of Moorpark ( "City ") and the Redevelopment Agency of the City of Moorpark
( "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 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, 2012, 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 or the
Ventura County Poll, whichever is greater, 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
Resolution No. 2012 -252
Page 3
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.
REDEVELOPMENT AGENCY
OF THE CITY OF MOORPARK
Ja ' e S. Parvin, Chair
ATTEST:
Maureen Benson,
Agency Secretary
CITY OF MOORPARK
Steven Kueny, City Manager
Maureen Benson,
City Clerk
Resolution No. 2012 -252
Page 4
STATE OF CALIFORNIA )
COUNTY OF VENTURA ) ss.
CITY OF MOORPARK )
I, Maureen Benson, Agency Secretary of the Redevelopment Agency of the City
of Moorpark, California, do hereby certify under penalty of perjury that the foregoing
Resolution No. 2012 -252 was adopted by the Redevelopment Agency of the City of
Moorpark at a regular meeting held on the 18th day of January, 2012, and that the
same was adopted by the following vote:
AYES: Agency Members Mikos, Pollock, Van Dam, and Chair Parvin
NOES: None
ABSENT: Agency Member Millhouse
ABSTAIN: None
2012.
WITNESS my hand and the official seal of said City this 1st day of February,
Maureen Benson, Agency Secretary
(seal)