HomeMy WebLinkAboutCC 8 LOAN AGREE RDA 06-02-86 ' DATE: NAY Inter Corn
TO:
FROM:
SU BJ ECT:
WILLIAM A. HUSTOll, CITY MANAGER
FINANCE DEPARTMENT
LOAN AGREEMENT TUSTIN COI~IUNITY REDEVELOPIIENT AGENCY - SOUTH
CENTRAL PROJECT AREA AND CITY OF TUSTIN
RECOMMENDATION
At their meeting of June 2, 1986 the City Council and the Redevelopment
Agency authorize the Mayor and Chairman respectively to sign the
attached loan agreement authorizing the action taken at their meeting of
January 6, 1986.
DISCUSSION
This action will simply formalize actions previously taken by both
par/~+~s and provide clear and distinct debt documents for purposes of
ement funds from the County.
Rona~d A. Naul t
Finance Director
RAN:skf
a. Simple interest on said sum shall accrue at the rate of
twelve percent (12%) per annum from the date of transfer of
said sum until such time as said sum is repaid to City.
b. The sum loaned to the Agency, as well as accrued interest
thereon, shall be repaid to City by the Agency from tax
increment revenues received pursuant to Health and Safety
Code Sections 33670 et seq.
c. If no funds become available to the Agency to repay said
sum, the money loaned and accrued interest thereon is
forgiven and need not be repaid to City.
Executed this 2nd day of June, lg86.
"CITY"
"AGENCY"
CITY OF TUSTIN
By
Donald J. Saltarelli, Mayor
TUSTIN COMMUNITY REDEVELOPMENT AGENCY
By
Donald J. Saltarelli, Chairman
ATTEST:
Mary E. Wynn, City Clerk
Mary E. Wynn, Redevelopment Agency Secretary