HomeMy WebLinkAboutRDA Reso 2008-1995
RDA RESOLUTION NO. 2008-1995
RESOLUTION OF THE REDEVELOPMENT AGENCY OF
THE CITY OF CHULA VISTA APPROVING A LOAN
REPAYMENT FROM THE REDEVELOPMENT AGENCY TO
THE GENERAL FUND
WHEREAS, as of June 30, 2007, the Redevelopment Agency of the City of Chula Vista
(the Agency) owed $25.4 million to the general fund of the City ofChula Vista, due to the Town
Centre II Certificates of Participation; and
WHEREAS, beginning in Fiscal Year 2007/2008, the Town Centre II Certificates of
Participation debt service payments have been paid directly by the Agency, with funds from the
Agency's Merged Project Area; and
WHEREAS, in order to reduce the outstanding loan balance and to assist in relieving the
City's fiscal stress, staff is recommending the Agency make a loan repayment in the amount of
$4.282 million to the City's general fund; and
WHEREAS, staff recommends that the loan repayment be funded partially from RDA
reserves, and partially from the bond proceeds from the refunding of the 2000 Tax Allocation
Bonds.
NOW, THEREFORE, BE IT RESOLVED that the Redevelopment Agency of the City of
Chula Vista does hereby approve a loan repayment in the amount of $4,282,000 from the
Redevelopment Agency to the general fund of the City of Chula Vista.
Presented by
Approved as to form by
ell
M ia Kacha oorian
Finance Director
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Ann Moore
City Attorney
RDA Resolution No. 2008-1995
Page 2
PASSED, APPROVED, and ADOPTED by the Redevelopment Agency of the City of
Chula Vista, California, this 3rd day of June 2008, by the following vote:
AYES: Agency Members: Castaneda, McCann, Ramirez, and Cox
NAYS: Agency Membefs: None
ABSENT: Agency Members: None
ABSTAIN: Agency Member: Rindone
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Cheryl CO~hairp rson
ATTEST:
~/~
Eric Crockett, Secretary
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO )
CITY OF CHULA VISTA )
I, Eric Crockett, Secretary of the Chula Vista Redevelopment Agency, do hereby certify that the
foregoing RDA Resolution No. 2008-1995 was duly passed, approved, and adopted by the
Redevelopment Agency at a regular meeting held on the 3rd day of June 2008.
Executed this 3rd day of June 2008.
,/)? /~
Eric Crockett, Secretary