HomeMy WebLinkAboutRDA Res 80-2 1980-03-24
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RESOLUTION NO. ~~
A RESOLUTION OF THE REDEVELOPMENT AGENCY
OF THE CITY OF SEAL BEACH, CALIFORNIA,
ACCEPTING A LOAN FROM THE CITY OF SEAL
BEACH IN THE AMOUNT OF $223,500.
THE REDEVELOPMENT AGENCY OF THE CITY OF SEAL BEACH DOES HEREBY RESOLVE:
WHEREAS, it has been deemed necessary to carry out a program of improvements
in the Riverfront Redevelopment Project; and
WHEREAS, it is deemed necessary for the Seal Beach Redevelopment Agency to
meet certain financial obligations for the fiscal year 1979-80; and
WHEREAS, it is recognized the passage of Proposition 13 has severely reduced
tax increment revenues of the Seal Beach Redevelopment Agency; and
WHEREAS, the Plant & Equipment Fund of the City of Seal Beach has cash of
$223,500 available to lend; and
WHEREAS, the Seal Beach Redevelopment Agency has the ability to repay a loan
of $223,500 over a six year period commencing July 1, 1983.
NOW, THEREFORE, BE IT RESOLVED that effective March 24, 1980 the Redevelopment
Agency of the City of Seal Beach agrees to accept from the City of Seal Beach
the sum of Two Hundred Twenty Three Thousand and Five Hundred Dollars ($223,500).
The foregoing sum shall be repayable to the City of Seal Beach at the rate of
10% per annum simple interest effective March 24, 1980, repayable over the six
year period commencing July 1, 1983. Be it further resolved the repayment
schedule shall be as follows:
YEAR ANNUAL PAYMENT INTEREST PRINCIPAL
$223,500.00
1983 $ 72,637.50 $ 72,637.50* -0-
223,~UU.uu
1984 65,000.00 22,350.00 42,650.00
180,850.00
1985 65,000.00 18,085,00 46,915.00
133,935.00
1986 65,000.00 13,393.50 51,606.50
82,328.50
1987 65,000.00 8,232,85 56,767.15
25,561.35
1988 28,117.48 2,556.13 25,561.35
$360,754.98 $137,254.98 -0-
*Interest from March 24, 1980 to June 30, 1983.
PASSED, APPROVED AND ADOPTED BY THE Redevelopment Ag~~y of the'
Beach at a regular meeting ther of hel d on the eRf:..- day of
1980, by the following vote:
AYES: Agency Members
NOES: Agency Members
ABSENT: Agency Members
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