HomeMy WebLinkAboutRDA Min 1980-03-24
3-24-80 423
Seal Beach, California
March 24, 19BO
The Redevelopment Agency of the City of Seal Beach met in regular
session at 6:45 p.m. with Vice Chairman Laszlo calling the meeting
to order with the Salute to the Flag.
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ROLL CALL
Present:
Vice Chairman Laszlo
Agency Members Kredell, Seitz, Weir
Absent:
Agency Member Gray
A 1 so present:
Mr. Courtemarche, Executive Director
Mr. Coughlan, City Attorney
Mr. Parrington, Legal Counsel
Mr. Thomas, Finance Director
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RESOLUTION NUMBER BO-2 - ACCEPTING LOAN FROM CITY OF SEAL BEACH
Resolution Number BO-2 was presented to the Agency entitled "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 $223,500." Mr. Thomas, Finance Director, stated that the
proposed resolution provides for acceptance of a loan of $223,500
from the City to fund existing Redevelopment Agency financial
obligations through the end of this fiscal year and as anticipated
in the 1979-BO fiscal year budget. Mr. Thomas stated the proposed
resolution established a five year loan repayment period commencing
July I, 19B3 at an interest rate of B% per annum. Lengthy discussion
followed regarding the rate of interest, repayment schedule, and
criteria for submitting an applicatIon for a low interest State
loan. The City Attorney clarIfied the maximum chargeable interest
rate is 10% as provided by State statute and explained the
ramifications should the Agency find itself in a bankrupt situation.
Mr. Parrlngton, Legal Counsel, reviewed the Agency's obligations
as required by law, relating to the Trailer Park development.
Discussion continued. Kredell moved, second by Weir, to waive full
reading and adopt ResolutIon Number BO-2 as amended, establishing
the interest rate to be 10% to commence upon acceptance of the loan.
AYES:
NOES:
ABSENT:
Kredell, Laszlo, Weir
Seltz
Gray
Motion carried
ORAL COMMUNICATIONS
There were no oral communications.
EXECUTIVE LEGAL SESSION
Weir moved, second by Kredell, to amend the agenda to include an
Executive Legal Session.
AYES:
NOES:
ABSENT:
Kredell, Laszlo, Seitz, Weir
None
Gray
Motion carried
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Laszlo moved, second by Seir, to adjourn the meeting until after the
City Council meeting for Executive Session.
AVES:
NOES:
ABSENT:
Kredell, Laszlo, Seitz, Weir
None
Gray
Motion carried
The meeting adjourned at 7:35 p.m. The meeting reconvened at 9:34 p.m.
with Vice Chairman Laszlo calling the meeting to order. The City
Attorney reported the Agency discussed matters of litigation during
Executive Session.
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424
ADJOURNMENT
Seitz moved, second by WeIr, to adjourn the meeting at 9:35 p.m.
AYES:
NOES:
ABSENT:
Kredell, Laszlo, Seitz, Weir
None
Gray
Motion carried
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