HomeMy WebLinkAboutRDA 95-05
RESOLUTION NO. RDA 95-5
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF
TUSTIN, CALIFORNIA, APPROVING ACQUISITION OF A $3,250,000
WORKING CAPITAL LOAN FROM FIRST INTERSTATE BANK OF
CALIFORNIA
The Redevelopment Agency of the City of Tustin
does hereby resolve as follows:
1. The Redevelopment Agency finds and determines as
follows:
A. The Redevelopment Agency requires and has
sought a $3.25 million dollar ($3,250,000)
transactional loan for normal working capital
requirements of the South Central Project
Area, ($2.5 Million) and the Town Center
Project Area ($.75 Million)
B.
First Interstate Bank of California has
offered the Redevelopment Agency such a loan.
C.
The general term. s and conditions of the loan
documents offered by First Interstate Bank of
California are reasonable and acceptable.
II.
The Redevelopment Agency of the City of Tustin
approves and accepts the general terms and
conditions of the loan documents offered by First
Interstate Bank of California as presented in the
August 7, 1995 letter from Anthony R. Gabriele,
Assistant Vice President, Orange County Corporate
Banking, et al.
III. The Executive Director and/or Director of Finance
are authorized to negotiate the final terms and
conditions of the loan and, thereafter, to execute
al! necessary documents related to said loan.
PASSED A/%'D ADOPTED by the Redevelopment Agency of
the City of Tustin at a regular meeting held on the 21st
day of August, 1995.
jim/~/Potts~r -
Redevelopment Chairperson
ATTEST:
Valerie Crabill
Chief Deputy Clerk
a: wr kn~3c ap. rso
City of Tustin
REDEVELOPME~ AGENCY RESOLUTION CERTIFICATION
STATE OF CALIFORNIA )
COUNTY OF ORANGE )
CITY OF TUSTIN )
SS
RESOLUTION NO. RDA 95-5
Valerie Crabill, Chief Deputy City Clerk and Recording Secretary of the
Community Redevelopment Agency of the City of Tustin, California, does
hereby certify that the whole number of the members of the Community
Redevelopment Agency is five; that the above and foregoing resolution was
passed and adopted at a regular meeting of the Tustin Community
Redevelopment Agency held on the 21st day of August, 1995, by the following
vote:
AGENCY MEMBER AYES:
AGENCY MEMBER NOES:
AGENCY MEMBER ABSTAINED:
AGENCY MEMBER ABSENT:
Ports, Worley, Doyle, Saltarelli, Thomas
None
None
None
Valerie Crabi~!, Chief Deputy City Clerk