HomeMy WebLinkAbout2012 033 CC RESO ATTACHMENT A
RESOLUTION NO. 2012-33
A RESOLUTION OF THE CITY OF BALDWIN PARK
PROVIDING A LOAN TO THE SUCCESSOR AGENCY OF
THE COMMUNITY DEVELOPMENT COMMISSION TO PAY
A PORTION OF THE FISCAL YEAR 2012-2013
ENFORECABLE OBLIGATIONS
WHEREAS, On May 2, 2012, the Successor Agency to the Baldwin Park
Community Development Commission (the "Successor Agency") approved the FY 2012-
2013 Administrative Budget and on May 8, 2012, the Oversight Board approved the
Administrative Budget for FY 2012-2013; and
WHEREAS, On May 8, 2012, the second Recognized Obligation Payment
Schedule (ROPS) for the Successor Agency for the period of June 30, 2012 through
December 31, 2012 was adopted by the Oversight Board; and
WHEREAS, AB 1484 Section 34173(h) of the Health and Safety Code authorizes
the Successor Agency to borrow money or accept grants for administrative costs,
enforceable obligations, or project-related expenses at the city's discretion, but the
receipt and use of these funds shall be reflected on the Recognized Obligation Payment
Schedule or the administrative budget and therefore are subject to the oversight and
approval of the oversight board. An enforceable obligation shall be deemed to be created
for the repayment of those loans;
WHEREAS, due to timing issues, the Successor Agency is requiring a loan from
the City of Baldwin Park to meet its FY 2012-2013 enforceable obligations.
WHEREAS, the Fiscal Year 2012-2013 Loan Agreement documenting such loan
is attached hereto as Exhibit "A" and by this reference incorporated herein (the "Loan
Agreement").
NOW, THEREFORE, BE IT HEREBY RESOLVED, DETERMINED AND ORDERED
BY THE CITY OF BALDWIN PARKAS FOLLOWS:
SECTION 1. The City agrees to loan the Successor Agency up to $363,058 which is the
amount approved in the Administrative Budget by the Successor Agency and the
Oversight Board, to cover a portion of the enforceable obligations for FY 2012-2013;
SECTION 2. The Successor Agency agrees to repay the loan from property tax
received from the County of Los Angeles by June 30, 2013, or as soon as enough
property tax monies are made available to the Successor Agency.
SECTION 3. The Successor Agency agrees to pay interest to the City of Baldwin Park
per annum at rate equal to the California Local Agency Investment Fund (LAIF) annual
rate;
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ATTACHMENT A
SECTION 4. The Chief Executive Officer is hereby authorized to execute the Loan
Agreement attached hereto as Exhibit "A" and all necessary documents to carry out the
purpose and effect of this resolution.
PASSED AND ADOPTED this 15th day of AUGUST, 2012
/
Manuel Loza,o, ayor
ATTEST:
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES SS.
CITY OF BALDWIN PARK
I, ALEJANDRA AVILA, City Clerk of the City of Baldwin Park, do hereby certify that the
foregoing resolution was duly and regularly approved and adopted by the City Council of
the City of Baldwin Park at a regular meeting thereof held on August 15, 2012, by the
following vote:
AYES: COUNCIL MEMBERS: Marlen Garcia, Monica Garcia, Ricardo Pacheco,
Mayor Pro Tem Susan Rubio, Mayor Manuel Lozano
NOES: COUNCIL MEMBERS:
ABSENT: COUNCIL MEMBERS:
ABSTAIN: C• NCIL MEM:ERS:
ALEJ• ND- A AVILA
CITY CLERK
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