HomeMy WebLinkAboutRES RDA 2011 248 2011 0615RESOLUTION NO. 2011 -248
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF
THE CITY OF MOORPARK, CALIFORNIA, ADOPTING A
LOAN AGREEMENT BETWEEN THE CITY OF
MOORPARK AND THE REDEVELOPMENT AGENCY OF
THE CITY OF MOORPARK FOR FY 2011/12
WHEREAS, the City of Moorpark has agreed to advance funds from the Special
Projects Fund (4004) to the Redevelopment Agency of the City of Moorpark in
accordance with the terms of a Loan Agreement dated July 1, 2011; and
WHEREAS, the Redevelopment Agency of the City of Moorpark has agreed to
accept the terms and conditions of the Loan Agreement dated July 1, 2011.
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
Redevelopment Agency of the City of Moorpark dated July 1, 2011, 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 15th day of June, 2011.
JJa�iceN. �Parvvin, Chair
ATTEST:
Maureen Benson, Agency Secretary
x WARCH 18, 1987
Attachment: Exhibit "A"
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Resolution No. 2011 -248
Page 2
LOAN AGREEMENT
EXHIBIT "A"
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.
Resolution No. 2011 -248
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.
REDEVELOPMENT AGENCY
OF THE CITY OF MOORPARK
Janice S. Parvin, Chair
ATTEST:
Maureen Benson,
Agency Secretary
CITY OF MOORPARK
Steven Kueny, City Manager
Maureen Benson,
City Clerk
Resolution No. 2011 -248
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. 2011 -248 was adopted by the Redevelopment Agency of the City of
Moorpark at a regular meeting held on the 15th day of June, 2011, 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
WITNESS my hand and the official seal of said City this 6th day of July, 2011.
Maureen Benson, Agency Secretary
(seal)
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