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RESOLUTION NO. RDA 78-23
A RESOLUTION OF THE TUSTIN COMMUNITY REDEVELOPMENT
AGENCY APPROVING ACCEPTANCE OF A LOAN FROM THE CITY
OF TUSTIN, CALIFORNIA.
WHEREAS, the Tustin Community RedeveloDment Agency
does not receive its tax increment revenues on a timely,
regular basis; and
WHEREAS, the Tustin Community Redevelopment Agency
wishes to expedite the projects approved by the Agencv prior
to available tax increment funding for the benefit of the
Redevelopment Area; and
WHEREAS, the City of Tustin has expressed a willingness
to loan funds to the Agency to accomplish this mutually
beneficial purpose.
NOW THEREFORE BE IT RESOLVED, that the Tustin Community
Redevelopment Agency does hereby accept the offer of the City
of Tustin on the following terms:
City shall provide $450,000 on or about
June 25, 1978.
Agency shall repay the loan not later than June 25,
1979, with seven (7) percent interest to the date
of repayment on the DrinciDal amount outstanding.
PASSED AND ADOPTED at a regular meeting of the Tustin
Community Redevelopment Agency held on the 19th day of June,
1978.
ATTEST:
SECRETA~
STATI?, OF CALIFOR:~'IA)
COUtqTY OF Ofa:u~:Gl: )SS
CITY OF TUSTIN)
RUTII C. PO}.], City Clerk and Secretary Clerk of the Community
Redevelopment Agency of the. City of Tustin does hereby certify
that the whole numbers of the members of the City Council
as the Community Redevelopment Agency is four; that the above and foregoing
Resolution No. RDA 78-23 was duly and regularly introduced,
read, passed and adopted by the City Council as the Community
Redeve]op:nent Aqcncy held on the 17th day of July, 1978,
by the following vote:
AYES:
Members: WELSH, SHARP, SALTARELLI, KENNEDY
NOES: Members: NONE
ABSENT: Member s: NONE
ABSTAINED: Members: NONE
ty Clerk an(] ,(.;ecrctar~'/Clerk'
of the Rcdeve].o;)ment Agency