HomeMy WebLinkAbout94-82 - Approving Amendment to Redevelopment Agency's Promissory Note No. 36RESOLUTION NO. 94-82
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF COSTA MESA, CALIFORNIA, APPROVING
THE AMENDMENT TO COSTA MESA REDEVELOP-
MENT AGENCY'S PROMISSORY NOTE NO. 36.
THE CITY COUNCIL OF THE CITY OF COSTA MESA DOES HEREBY
RESOLVE AS FOLLOWS:
WHEREAS, on July 1, 1993, the Redevelopment Agency executed Promissory Note No.
36, evidencing the loan by the City to the Agency (the "City Loan"), which was originally
entered into at the inception of the Agency in 1972; and
WHEREAS, the Redevelopment Agency desires to affirm the City Loan and extend the
date upon which the principal amount of Promissory Note No. 36 is due and payable by
amending said Note; and
. YMEREAS, as beneficiary of the Note, the City Council desires to approve the Agency's
action to amend the Note;
NOW, THEREFORE, BE IT RESOLVED that the Redevelopment Agency's amendment
to Promisscry Note No. 36, as evidenced by Costa Mesa Redevelopment Agency Resolution No.
173-94., is hereby approved.
BE IT FURTHER RESOLVED that the City Manager is hereby authorized to take all
actions necessary to delete the phrase "All due and payable on or before June 30, 1994," from
Promissory Note No. 36 between the Agency (as obligor and maker) and the City (as beneficiary
and holder) so as to affirm and continue the obligation of the Agency to pay "upon demand" the
principal and accrued interest due under such existing Promissory Note.
BE IT FINALLY RESOLVED that Promissory Note No. 36 evidences and affirms the
City Loan which was originally entered into at the inception of the Agency in 1972. All sums
attributable to the principal amount due under the Promissory Note were advanced by the City
to the Agency prior to January 1, 1986. All principal and interest accrued and accruing on such
Promissory Note are a debt and an obligation of the Agency entered into prior to January 1,
1994, and said amounts are subject to the provisions and protection of Section 33333.6(h) of the
Community Redevelopment Law, and no provision of the Community Redevelopment Law shall
be construed to affect the right of the Agency to receive tax increment to pay in full such
indebtedness or obligation.
PASSED AND ADOPTED this 6th day of September, 1994.
Mayor of the City of Costa Mesa
ATTEST:
Deputy Cit Jerk of the City of Costa Mesa
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STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss
CITY OF COSTA MESA )
I, MARY T. ELLIOTT, Deputy City Clerk and ex -officio Clerk of the City Council of
the City of Costa Mesa, hereby certify that the above and foregoing Resolution No. 94-82 was
duly and regularly passed and adopted by the said City Council at a regular meeting thereof held
on the 6th day of September, 1994.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the Seal of the City
of Costa Mesa this 7th day of September, 1994.
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Deputy
Deputy City Jerk and ex -officio Clerk of
the City Codhcil of the City of Costa Mesa
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