HomeMy WebLinkAboutCC Res 3841 1989-02-21
RESOLUTION NUMBER 381//
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEAL
BEACH RECORDING A LOAN TO THE RIVERFRONT REDEVELOPMENT
AGENCY OF SEAL BEACH IN THE AMOUNT OF $717,060
THE CITY COUNCIL OF THE CITY OF SEAL BEACH DOES HEREBY RESOLVE:
I
WHEREAS, City of Seal Beach resolution #3058 of May 26, 1981
established a debt of $421,800 owed to th~ 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 1, 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 annusl installments of $184,350, commencing
July 1, 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, APPROVED & ADOPTED by the City Council of the City of
S~ ,each at a meeting thereof held on the ~~~ day of
~~1989 by th following vote:
AYES: Councilmembers
NOES:
Councilmembers
ABSENT:
Councilmembers
I
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) SS
CITY OF SEAL BEACH )
I, Joanne, K. Yeo, City Clerk of Seal Beach, California, do
hereby certify that t~;,~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 City Council of the
C~9f Seal Beach~t a regular meeting thereof held on the
)Qt day of l\. /."1.AA~1989.
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