HomeMy WebLinkAboutRDA Res 80-4 1980-06-23
I
RESOLUTION NO, IJo-4
A RESOLUTION OF THE SEAL BEACH REDEVELOPMENT
AGENCY ACCEPTING A LOAN OF $418,000 FROM THE
CITY OF SEAL BEACH.
THE SEAL BEACH REDEVELOPMENT AGENCY DOES HEREBY RESOLVE:
WHEREAS,
1
WHEREAS,
it has been determined that a cost overrun occurred in
construction of the Police facility amounting to
$290,000; and
it has been determined that a cost overrun occurred in
construction of the Senior Citizen Center/Library facility
amounting to $128,000; and
it is recognized that proceeds of the auction sale of the
old city yard were utilized to fund the foregoing projects
in the amount of $418,000.
NOW, THEREFORE. BE IT RESOLVED that the foregoing amount of $418,000
constitute a loan by the City of ~eal Beach to the Seal Beach Redevelopment
Agency. Be it also resolved that the principal amount of $418,000 together
with simple interest at the rate of 10% per year effective July 1,1977,
shall be repaid to the Plant & Equipment Fund of the City of Seal Beach
over the six year period commencing July 1, 1984. Be it further resolved the
repayment schedule shall be as follows:
WHEREAS,
YEAR ANNUAL PAYMENT INTEREST PRINCIPAL
I $668,000*
1984 $153,267 $ 41,800 111,467
557,333
1985 153,267 41,800 111,467
445,866
1986 153.267 41,800 111,467
334,399
1987 153,267 41,800 111,467
222,932
1988 153,267 41,800 111,467
111,465
1989 153,265 41,800 111,465
$919,600 $250,800 0
*Includes 10% annual interest on $418,000 from 7-1-77 through 6-30-83 of
$250,800.
I PASSED, APPROVED AND ADOPTED by the ~~ Council of e "ty of Seal Beach
at a meeting thereof held on the 'A.~ day of , 1980, by
the following vote:
AYES: ~
Agency Member's'
~I' (J ~
I NOES: Agency'Members
ABSENT: Agency" Members. 11 ) fI./AJ
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Secretary
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