HomeMy WebLinkAbout1977 031 CC RESO1977 031 CC RESO8f ;¢fH õ WpeRESOLUTION NO. 77-31
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF BALDWIN PARK ACCEPTING REPAYMENT
OF INDEBTEDNESS FROM THE BALDWIN PARK
REDEVELOPMENT AGENCY, DIRECTING PAYMENT
TO THE GENERAL FUND, AUTHORIZING
APPROPRIATION TO THE REDEVELOPMENT AGENCY
ADMINISTRATIVE FUND AND DIRECTING TRANSFER
OF CERTAIN MONIES AS A LOAN TO THE BALDWIN
PARK REDEVELOPMENT AGENCY
WHEREAS, the City Council of the City of Baldwin Park has established
the Baldwin Park Redevelopment Agency pursuant to Section 33000 et seq. of the
California Health and Safety Code Community Redevelopment Law); and
WHEREAS, the City Council in Ordinance No. 708 adopted a Redevelopment
Plan for the Puente-Merced/South Baldwin Park Redevelopment Project Area; and
WHEREAS, the Redevelopment Agency has incurred indebtedness in said
project area to date in the amount of $3,249,203.00; and
WHEREAS, the Redevelopment Agency has tendered repayment of said
indebtedness in the amount of $196,814.84; and
WHEREAS, repayment of an additional $50,000.00 is anticipated prior
to 1977 fiscal year end; and
WHEREAS, additional funding 1s r / necessary to cover the costs of
Agency operations through fiscal year 1977-78; and
WHEREAS, said operations wi11 involve continued utilization of
consultants with expertise in the fields of planning, engineering, environment,
law, real estate, economics and relocation; and
WHEREAS, said operations wi11 also include marketing and the sale
of bonds for said project;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Baldwin Park:
SECTION 1. Accept as partial repayment of Redevelopment Agency
indebtedness $196,814.84.
SECTION 2. Authorize and direct the City Treasurer to repay to
the City's General Fund $1%.814.84.
SECTION 3. Appropriate the sum of Two Hundred Thousand Dollars
from the General Fund to the Redevelopment Agency Administrative Fund. Said
amount is to be considered a loan to the Agency and to be repaid in accordance
with the terms and conditions set forth herein.
SECTION 4. Authorize and direct the City Treasurer to pay from
the Redevelopment Agency Administrative Fund to the Redevelopment Agency Two
Hundred Thousand Dollars. Said money to be deposited in special fund pursuant
to Section 33610 of the California Health and Safety Code Community
Redevelopment Law).
SECTION 5. The above sum to be loaned to the Agency shall be repaid,
together with accrued interest of seven 7) percent per annum, from proceeds
of bonds issued to undertake a redevelopment project, or from any other funds
which may become legally available to the Agency for repayment to the City.
If no funds become available for such purposes, then the monies loaned and
accrued interest need not be repaid.
SECTION 6. This Resolution shall take effect immediately.
BIB]
37685-U01
1977-U02
031-U02
CC-U02
RESO-U02
LI3-U03
FO10488-U03
FO10862-U03
DO11078-U03
C6-U03
RESO-U03
3/4/2003-U04
ROBIN-U04
1977 031 CC RESO8f ;¢fH õ WpeResolution No- 77-31
Page 2
APPROVED AND ADOPTED this 2nd day of May. 1977.
ATTEST:
2^ v^^u^^r
THELMA L. BALKUS. CitY CLERK
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES) SS:
CITY OF BALDWIN PARK
I, THELMA L. BALKUS. City Clerk of the City of Baldwin Park. do
hereby certify that the foregoing Resolution was duly approved and adopted by
the City Council of the City of Baldwin Park at a special meeting of the City
Council on the 2nd day of May. 1977, by the following vote:
AYES: COUNCILMEN AGUILAR. KITCHEL. BLEWETT, HAMILTON AND MAYOR WALDO
NOES: COUNCILMEN
ABSENT: COUNCILMEN
Tl^^T
THELMA L. BALKUS. CITY CLEftk
BIB]
37685-U01
1977-U02
031-U02
CC-U02
RESO-U02
LI3-U03
FO10488-U03
FO10862-U03
DO11078-U03
C6-U03
RESO-U03
3/4/2003-U04
ROBIN-U04