HomeMy WebLinkAboutCC Res 3100 1981-09-14
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RESOLUTION NO. 3100
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF SEAL BEACH, CALIFORNIA, AUTHORIZING
A LOAN TO THE SEAL BEACH REDEVELOPMENT
AGENCY IN THE AMnUNT OF $150,000.
THE CITY COUNCIL OF THE CITY OF SEAL BEACH DOES HEREBY RESOLVE:
WHEREAS, it is has been deemed necessary for the Seal Beach Redevelopment
Agency to meet certain financial obligations for fiscal year
1980-81; and
WHEREAS, it is recognized the passage of Proposition 13 has severely
reduced tax increment revenue of the agency; and
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 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 effective June 30, 1981 the City of
Seal Beach agrees to lend the Seal Beach Redevelopment Agency the sum of
One-Hundred and Fifty Thousand Dollars ($150.000) from the City of Seal
Beach Cash Basis Fund. The foregoing sum shall be repaid to the City of
Seal Beach on or before June 30, 1985 together with simple interest of 12%
per annum.
PASSED, APPROVED AND ADOPTED by the City Coun~i~~f the City 0-
Cal ifornia, at a meeting thereof on the /~... day f
1981, by the following vote:
AYES: Councilmember(s)
NOES: Councilmember(s)
ABSENT: Councilmember(s)
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