HomeMy WebLinkAbout1979 017 CC RESO1979 017 CC RESO (Ìì ð ² RESOLUTION NO. 79-17
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF BALDWIN PARK DIRECTING TRANSFER OF CERTAIN
MONIES FROM THE GENERAL FUND AS A LOAN TO THE
BALDWIN PARK BUSINESS DEVELOPMENT CORPORATION
WHEREAS, the Baldwin Park Business Development
Corporation has been established pursuant to Section 9200 of
the California Health and Safety Code Non-profit Corporation
Law); and
WHEREAS, the primary purpose of the Corporation is the
revitalization of the Central Business District, and development
of new and existing businesses for the benefit of the citizens of
Baldwin Park; and
WHEREAS, where a need has developed for the purchase of
property in pursuit of the revitalization efforts, for which
the Corporation has insufficient funds; and
WHEREAS, additional funding is necessary to cover cost
for the purchase of real property.
NOW, THEREFORE, BE IT RESOLVED by the City Council of
the City of Baldwin Park:
SECTION 1: Authorize and direct the City Treasurer to
pay from the General Fund to the Baldwin Park Business
Development Corporation the sum of Seventy-five
Thousand Dollars $75,000.00). Said amount is to be
considered a loan to the Corporation and to be repaid
in accordance with the terms and conditions set forth
herein.
SECTION 2: The above sum to be loaned to the Corporation
shall be repaid, together with accrued interest of
ten 10) percent per annum. The loan shall be secured
by a First Trust Deed naming the City of Baldwin Park
as beneficiary on any real property so acquired.
Repayment of the loan to the City of Baldwin Park shall be
made from any funds which may become available to the
Corporation.
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SECTION 3: This Resolution shall take effect immediately.
PASSED and ADOPTED this 21st day of February 1979.
C^^^
Jack B. White, Mayor
ATTEST:
J^^^^L^L^
Thelma L. Balkus, City Clerk
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1979 017 CC RESO (Ìì ð ² Resolution
Page No. 2
No.79-17
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 and regularly
approved and adopted by the City Council of the City of Baldwin Park
at its regular meeting of the City Council on the 21st
day of February 1979by the following vote:
day of February 19 ar 79by Ki the following nq, Izell, vote: 1C Nein and Maynr 1^
AYES: NOES: ABSENT: COUNCILMEN Aguil
COUNCILMEN
COUNCILMEN
THELMA L. BALKUS, CITY CLERK
BIB]
37680-U01
1979-U02
017-U02
CC-U02
RESO-U02
LI3-U03
FO10488-U03
FO10489-U03
DO10769-U03
C6-U03
RESO-U03
2/27/2003-U04
ROBIN-U04