HomeMy WebLinkAboutRDA Res 81-12 1981-09-28
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RESOLUTION NUMBER ~I'--I'~
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 $150,000.
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THE REDEVELOPMENT AGENCY OF THE CITY OF SEAL BEACH DOES HEREBY RESOLVE:
WHEREAS, it has been deemed necessary for the Seal Beach Redevelopment
Agency to meet certain financial obligations for fiscal year
1980-81; and
WHEREAS, is is recognized the passage of Proposition 13 has severely
reduced tax increment revenue of the Agency; and
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WHEREAS, a loan of $150,000 to the Seal Beach Redevelopment Agency was
authorized by the 1980-81 City budget; and
WHEREAS, the Cash Basis Fund of the City has cash of $150,000 available
to lend; and
WHEREAS, the Seal Beach City Council authorized said loan by Resolution
Number 3100; and
WHEREAS, the Seal Beach Redevelopment Agency has the ability to repay
a loan of $150,000 plus 12% simple interest by June 30, 1985.
NOW, THEREFORE, BE IT RESOLVED, that the Seal Beach Redevelopment Agency
hereby agrees to accept from the City of Seal Beach the sum of One
Hundred Fifty Thousand Dollars ($150,000) from the Seal Beach Cash Basis
Fund, effective June 30, 1981. This debt to the City of Seal Beach' is
hereby recorded and the foregoin9 sum shall be repaid to the City of
Seal Beach on or before June 30, 1985 together with simple interest of
12% per annum.
PA~SSEDAPPROVED and ADOPTED by the Redevelopment Agency of ,~e City of
S eacb, Ca] iforni a, at a meeti ng thereof hel d on thJlJ cfllfotj day of
( ,~' 'AtitlA1I.JJJ? Ai ,1981, y the f 1 owi n9 ote'd{/ I
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AYES: Agency Members' /,
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NOES: Agency Members
ABSENT: Agency Members
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