HomeMy WebLinkAbout1982-08-28; Housing & Redevelopment Commission; Resolution 15w 0
RESOLUTION NO. /5 -
RESOLUTION OF THE CARLSBAD HOUSING AND
REDEVELOPMENT COMMISSION APPROVING THE TERMS
OF THE REPAYMENT OF CERTAIN AMOUNTS
APPROPRIATED TO THE REDEVELOPMENT AGENCY
ADMINISTRATIVE FUND BY THE CITY COUNCIL OF
THE CITY OF CARLSBAD
WHEREAS, the City Council of the City of Carlsbad (
"City Council") has annually appropriated sums for deposit i
the Redevelopment Agency Administrative Fund as a loan to
Carlsbad Housing Redevelopment Commission (the "Commission" )
Commission in the total amount of $235,050.00; and pay for the administrative expenses and overhead of
WHEREAS, the City Council has adopted Resolution No. 1 confirming its intent with respect to the character of tK
sums as a loan to the Commission, establishing a schedule
repayment of said sums and fixing an interest rate of 10% to
calculated against the outstanding principal balance thereof.
NOW, THEREFORE, the Carlsbad Housing and Redevelopm
Commission does hereby resolve as follows:
Section 1: The Commission hereby acknowledges t
amounts appropriated for deposit into the Redevelopment Age
Administrative Fund to pay for the administrative expenses
overhead of the Commission in the total amount of $235,050
have been appropriated to said Fund as a loan to the Commiss and constitute an "indebtedness" of the Commission within
meaning of Health & Safety Code Section 33675.
Section 2: The Commission hereby approves the sched
for repayment of said amounts attached hereto as Exhibit
and incorporated herein by reference and the Commission agr
to pay interest on the outstanding principal amount thereof
the rate of 10% per annum; provided, that the Commissio
obligations to pay the principal of and interest on the Cit
advances to the Commission shall be subject to the receipt tax increment allocated to the Commission pursuant to Healt' Safety Code Section 33670.
Section 3: The Commission hereby acknowledges that
financial obliaations as set forth in Section 2 hereof shall
automatically Subordinated to any obligations of the Commiss
-I - 0 e
to pay the principal of and interest on any bonded indebtednc of the Commission secured by tax increment allocated to t
Commission pursuant to Health & Safety Code Section 33670.
PASSED, APPROVED AND ADOPTED at a regular meeting Of 1
Carlsbad Housing and Redevelopment Commission held the 28th c of September , 1982, by the following vote, to wit:
AYES : Chssioners Casler, Lewis, Kulchin, Anear and Chick
NOES : None
ABSENT : None
. ATTEST:
LdL dL
Chairman, ,,,.j'Carlsbad Housing i
Redevelopgent Commission
s ',,fib :&./' <."e/
Se retary,/ Carlsbad
H using Ad Redevelopment
Commission
9-24-82
3201P/2084/00
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1?~.2:.c;a;rnt t? -the C:;;I.iZornia Cwrmu~.i.ty IZ~~.r3V(31.Orrlrnen 2
c:.i..ky Cl<>~l.y;cil may appj_o~,s_:;..at:c. 'LO a rt-cdc~c:I.o:;j~cil-t Zgency SU!
81~ 'I as the city cou11ci.I c7ice:ns ~;>c;essary for ' c-hc ac'irni.nisi:r;r'i.ivt
9 1 11 k).rld ~vcxhearj 05 t!lc Agencg = That :Law per;-nit.s sl~ch ZEIGLI~.~:
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le The C;EP, of $5? ODC: i.s hexehy appropriated LIS a
Gener??!- Fund *LC) a special fund l;crel?y est:ahI.:i.shed as thc
mzilt Aqcncy idrni.nisi;rative Func? ?:'he RedevcLoprnn,n'c.~rnent. Agenc
Ad?nir~istrati-ve F'cRC? shall i2>? used for adrni:1i.r,trativc expc
~verhc~d of the Agency. In addj.-Li.on 'LO the CO~TOX under:
and usu.al. inf_erprcta-ticn of the term, "a~mil?S.s.tratj_,-e csx
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t..xpcni?it:ure or e~~c~;itbl:arrcc, of the ~r;oney as the City COXTI
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wne;lns af tllc Aqc-!~c:y fj.l.incj c? ~:c?quest for PElyrIicnt wit3 th
P.insr;c:e :lirector and paid by mcmns af a warrant: c?pi)1rc;vc?6
Ci.ty Council -
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