HomeMy WebLinkAboutRDA Res 89-1 1989-02-21
RESOLUTION NUMBER 89-1
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF
SEAL BEACH RECORDING A LOAN TO THE SEAL BEACH
RIVERFRONT REDEVELOPMENT AGENCY IN THE AMOUNT OF
$717,060
THE CITY COUNCIL OF THE CITY OF SEAL BEACH DOES HEREBY RESOLVE:
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WHEREAS, City of Seal Beach resolution #3058 of May 26, 1981
established a debt of $421,800 owed to the city by the
Riverfront Redevelopment Agency but specified no terms
of repayment; and
WHEREAS, Resolution #3058 expressed an intent to pursue
repayment of the debt from the Redevelopment Agency;
and
WHEREAS, the full amount of the debt remains unpaid with a
resulting loss of investment earnings to the City.
NOW, THEREFORE, BE IT RESOLVED that a debt exists between City
of Seal Beach and Riverfront Redevelopment Agency in the amount
of the original debt of $421,800 plus 10% simple interest per
annum from July I, 1981 through June 30, 1988 for a total of
$717,060.
BE IT FURTHER RESOLVED that the latter amount shall bear compound
interest at 9% per annum from July 1, 1988 and shall be repayable
to the City in five annual installments of $184,350, commencing
July I, 1990. In the event any annual installment remains
unpaid, the amount unpaid shall also bear compound interest at 9%
per annum.
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PASSED APPRPVEP,&\A~O~ED)bY the Redevelopment Agency of the
City 0 _Sea~'Be~~ft a~~a~m~e~ing thereof held on the ~J'~ day
of 989 by:the following vote: ...
AYES:
Agency Member
NOES:
Agency Members
ABSENT:
Agency Members
_~:h J:...~
STATE OF CALIFORNIA
COUNTY OF ORANGE
CITY OF SEAL BEACH
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I, Joanne, M. Yeo, City Clerk of Seal Beach, California, do
hereby certify that th~o/egOing resolution is the original copy
of Resolution Number - on file in the office of the City
Clerk, passed, approved and adopted by the Redevelopment Agency
of the it of Seal Bea ,at a regular meeting thereof held on
the day of 1989.