HomeMy WebLinkAbout1982-09-28; City Council; Resolution 7023RESOLUTION NO. 7~23
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD CONFIRMING ITS INTENT WITH
RESPECT TO AMOUNTS APPROPRIATED TO THE
CARLSBAD HOUSING AND REDEVELOPMENT COMMISSION, ESTABLISHING A SCHEDULE FOR
REPAYMENT OF SAID AMOUNTS AND THE PAYMENT OF
INTEREST WITH RESPECT TO THE OUTSTANDING BALANCE AND PROVIDING FOR THE SUBORDINATION
OF THE OBLIGATION TO REPAY SAID AMOUNTS TO
ANY OBLIGATIONS OF THE COMMISSION WITH
RESPECT TO BONDED INDEBTEDNESS
WHEREAS, this City Council has annually appropriated sums
for deposit into the Redevelopment Agency Administrative Fund as a loan to the Carlsbad Housing and Redevelopment Commission (the "Commission" ) to pay for the administrative expenses and overhead of the Commission in the total amount of $235,050.00:
and
WHEREAS, this City Council desires to confirm its intent with respect to the character of these sums as a loan to the Commission, to establish a schedule for the repayment of said sums and to fix an interest rate of 10% calculated against the outstanding principal balance thereof: and
WHEREAS, this City Council desires to provide that the
Commission's obligation to repay said sums from tax increment
received by the Commission in accordance with California Health
& Safety Code Section 33670 shall be automatically subordinated
to the obligation of the Commission to pay the principal of and
interest on any bonded indebtedness of the Commission secured by said tax increment.
NOW, THEREFORE, the City Council of the City of Carlsbad
does hereby resolve as follows:
Section 1: This City Council hereby confirms its intent
that amounts appropriated for deposit into the Redevelopment
Agency Administrative Fund to pay for the administrative
expenses and overhead of the Commission in the total amount of
$235,050.00 have been appropriated to said Fund as a loan to
the Commission and constitute an "indebtedness" of the
Commission within the meaning of Health ti Safety Code Section
33675. Said sums shall be repaid by the Commission in
accordance with the schedule attached hereto as Exhibit "A" incorporated herein by reference. The Commission shall pay interest on the outstanding principal balance of said amount at
the rate of 10% per annum. The Commission's obligations as set forth in this Section 1 are subject to the receipt of tax increment allocated to the Commission pursuant to Health & Safety Code Section 33670.
Section 2: The Commission's financial obligations set
forth in Section 1 hereof shall be automatically subordinated
to any obligations of the Commission to pay the principal of
and interest on any bonded indebtedness of the Commission
secured by tax increment allocated to the Commission pursuant
to Health & Safety Code Section 33670.
PASSED, APPROVED AND ADOPTED at a/reg&?ar meeting of the City Council of the City of Carlsbad held the 28th day
of SeptembeG 1982, by the following vote, to wit:
ad' urned
AYES: Council Members Casler, Lewis, Kulchin, Anear and Chick
NOES : None
ABSENT : None
A I 7L,- d &-L
Mayor, CiP of Carlsbad
ATTEST :
9-24-82
3198P/2084/00
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