HomeMy WebLinkAboutReso 1979-9660
RESOLUTION N0. 9660
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA AUTHORIZING A LOAN TO THE REDEVELOPMENT
AGENCY FOR BAYFPoONT PROJECT AREA EXPENSES
The City Council' of the City of Chula Vista does hereby
resolve as follows:
WHEREAS, the Redjevelopment Agency has requested that the City
loan the Agency the sum of $710,836 including the renewal of the loan and
accrued interest approved by City Council Resolution 9518 for Bayfront Projec t
Area expenses.
NOW, THEREFORE E IT RESOLVED by the City Council of the City
of Chula Vista that the City hereby loans the sum of $710,836 from the City's
Operations Contingency Fund to the Bayfront Project fund on the following
terms and conditions: ~
I
1. Said loan, iincluding interest due thereon, shall be repaid
within thirty (30) days after d mand for repayment is made by the City Council
of the City of Chula Vista but ~io later than June 30, 1980.
2. Said loan sh~ll bear interest at the rate of 10% per annum.
3. Said loan shall be an indebtedness of the Bayfront
Redevelopment project area.
4. Said loan sh ll be repaid from Bayfront Project Area tax
increment revenues paid to the redevelopment Agency pursuant to Health & Safety
Code 33670.
BE IT FURTHER RESOLVED that the Finance Director be authorized
to transfer $710,836 from the Operations Contingency Fund to the Bayfront
Redevelopment Project Fund (fungi 241).
Presented
Approved as to form by
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raui ~a. uesrocners, t;ommunity
Development Director
George D. -Lin erg, City ttorn y
ADOPTED AND APPROVED !3Y THE CITY COUNCIL OF THE CITY OF
CHUL VISTA, CALIFORNIA, this 28th day of June
197 , by the following vote, to-wits
AYES: Councilmen Scott, Egdall, Hyde, Gillow
NAYES Councilmen None
ABSTA N: Councilmen None
ABSEN Councilmen cox
Mayor of the City of Chula Vista
ATTES
City Clerk
STATE F CALIFORNIA )
COUNT OF SAN DIEGO ) s s .
CITY OF CHULA VISTA )
1, JENNIE M. FULASZ, CMC, !CITY CLERK of the City of Chula Vista, California,
DO HER BY CERTIFY that the above anal foregoing is a full, true and correct copy of
,and chat the same has not been amended or repealed.
DATED
(seal)
~~~ o
City Clerk
CC-660
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