HomeMy WebLinkAboutRDA Res 81-01 1981-01-26
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RESOLUTION NUMBER If 1- /
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE
CITY OF SEAL BEACH, CALIFORNIA, AUTHORIZING AN
APPLICATION FOR FUNDS FROM THE STATE LOCAL
INDEBTEDNESS FUND
THE REDEVELOPMENT AGENCY OF THE CITY OF SEAL BEACH HEREBY FINDS AND RESOLVES
AS FOLLOWS:
Section 1. The Chairman or Executive Director of the Seal Beach Redevelopment
Agency is hereby authorized to execute from time to time as the
business of the Seal Beach Redevelopment Agency may require,
agreements with the State of California Pooled Money Investment
Board whereby said Pooled Money Investment Board may loan money
from the Local Agency Indebtedness Fund to the Seal Beach
Redevelopment Agency and the Seal Beach Redevelopment Agency
shall repay said sum with interest.
Section 2. The governing body of the Seal Beach Redevelopment Agency:
(a) States that it was formed or established pursuant to the
authority and according to the procedures set forth in
California Community Redevelopment Law, March 1969;
(b) States that it is authorized to issue bonds or other
non-voter-approved indebtedness under California
Community Redevelopment Law, March 1969;
(c) States that the amounts of principal, interest and other
sums required to be paid for the 1980-81 fiscal year on
bonds (as defined by Government Code Section 16497 (c))
issued and outstanding by the Seal Beach Redevelopment
Agency, which are subject to potential default in fiscal
year 1980-1981 (or, in the case of lease revenue bonds,
the amount of rental and other sums required to be paid
under the lease) and the time or times at which such sums
are payable are:
Bond Issue(s)
1978 Tax Allocation
Bonds
Principal, Interest
Rental and other sums
Payable
$355,745
Date(s)
Payab 1 e
9/1/80 &
3/1 /81
(d) States that the amount of local revenues budgeted and
available for the payment of all such sums due on such
bonds is $-0- (estimated);
(e) States that the amount required as a loan from the Local
Agency Indebtedness Fund to the Seal Beach Redevelopment
Agency in order to avoid a technical or actual default in
such payments due on such bonds is $75,745;
(f) States that in all cases where such bonds have been issued
which are secured by tax increment, that the taxes allocated
under subdivision (b) of Section 33670 of the Health and
Safety Code are inadequate to make the principal and interest
payments on bonds due during the 1980-81 fiscal year; and
submits herewith a separate statement from the County
Assessor, County Auditor or Seal Beach Redevelopment Agency
fiscal officer specifying the amount of such tax allocation,
in support of such contention.
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RESOLUTION NUMBER
Section 3. This resolution shall remain in full force and effect until
all sums borrowed by the Seal Beach Redevelopment Agency
together with interest thereon computed as provided by law
shall have been repaid into the State General Fund.
Age
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NOES:
Agency Members
ABSENT: Agency Members
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ATTEST:
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