The URL can be used to link to this page

Home My WebLink AboutCC Res 2955 1980-03-24 I I I " RESOLUTION NO. t52 9SS- A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEAL BEACH, CALIFORNIA, AUTHORIZING A LOAN TO THE SEAL BEACH REDEVELOPMENT AGENCY IN THE AMOUNT OF $223,500. THE CITY COUNCIL OF THE CITY OF SEAL BEACH DOES HEREBY RESOLVE: WHEREAS. it has been deemed necessary to carry out a program of improvements in the Riverfront Redevelopment Project; and WHEREAS, it is deemed necessary for the Seal Beach Redevelopment Agency to meet certain financial obligations for the fiscal year 1979-80; and WHEREAS, it is recognized the passage of Proposition 13 has severely reduced tax increment revenues of the Seal Beach Redevelopment Agency; and WHEREAS, the Plant & Equipment Fund of the City of Seal Beach has cash of $223,500 available to lend; and WHEREAS, the Seal Beach Redevelopment Agency has the ability to repay a loan of $223,500 over a six year period commencing July 1, 1983. NOW, THEREFORE, BE IT RESOLVED that effective March 24, 1980 the City of Seal Beach shall agree to lend to the Seal Beach Redevelopment Agency, the sum of Two Hundred Twenty Three Thousand and Five Hundred Dollars ($223,500) from the City of Seal Beach Plant & Equi pment Reserve Fund. The foregoing sum shall be repayable to the Plant & Equipment Fund at the rate of 10% per annum simple interest effective March 24, 1980, repayable over the six year period commencing July 1, 1983. Be it further resolved the repayment schedule shall be as follows: YEAR ANNUAL PAYMENT INTEREST PRINCIPAL $223,500.00 1983 $ 72,637.50 $ 72,637.50* -0- 223,500.00 1984 65,000.00 22,350.00 42,650.00 180,850.00 1985 65,000.00 18,085.00 46,915.00 133,935.00 1986 65,000.00 13,393.50 51,606.50 82,328.50 1987 65,000.00 8,232.85 56,767.15 25,561.35 1988 28,117.48 2,556.13 25,561.35 $360,754.98 $137,254.98 -0- *Interest from March 24, 1980 to June 30, 1983. PASSED, APPROVED AND ADOPTED BY THE City' ~P~il of the ~~ach at a regul ar meeting thereof held on the (:;? ~ day of , 1980, by the following vote: . . AYES: Councilmen NOES: 'Councilmen ABSENT: Councilmen #4 .