2003-19 RESOLUTION NO. 2003- 19
RESOLUTION OF THE CITY OF COUNCIL OF THE CITY OF GRAND
TERRACE, SAN BERNARDINO COUNTY, CALIFORNIA, APPROVING
THE ENTERING INTO A LOAN AGREEMENT AND PROMISSORY NOTE
SECURED BY THE PLEDGE OF TAX ALLOCATION REVENUES BY THE
REDEVELOPMENT AGENCY OF THE CITY OF GRAND TERRACE.
WHEREAS; the Redevelopment Agency of the City of Grand Terrace ("the Agency") is
authorized pursuant to Part 1 of Division 24 (commencing with Section 33000) of the California
Health and Safety Code (the "Act") to enter into a Loan Agreement for any of its corporate
purposes; and,
WHEREAS, the Agency has indicated its intention to enter into a Loan Agreement in the
amount of $1,310,000 in order to finance the Richard Rollins Park / Terrace Middle School
Renovation Project and to repay said loan from surplus tax allocation revenues, as defined in the
Loan Agreement; and,
WHEREAS, pursuant to the Act, the City Council is also required to authorize the
entering into a Loan Agreement;
NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED BY
THE CITY COUNCIL OF THE CITY OF GRAND TERRACE AS FOLLOWS:
SECTION 1. ADnroval of Financing. This City Council hereby approves the entering into
of a Loan Agreement and Promissory Note in the amount of $1,310,000 by and between the
Agency and Zions First National Bank and the pledge of surplus tax allocation revenues as defined
in the Loan Agreement for repayment thereof.
SECTION 2. Effective Date.This Resolution shall take effect immediately upon adoption.
PASSED, APPROVED AND ADOPTED this 8th da of July, 2003.
Mayor I& the City of Grand Terrace
ATTEST:
Brenda Stanfill, Secreta
Approved.as to Form and Content
John R. Harper, Cituttorney
State of California )
San Bernardino County )ss.
City of Grand Terrace )
I, Brenda Stanfill, Secretary for the Grand Terrace Redevelopment Agency, for the City
of Grand Terrace, do hereby certify that the foregoing Resolution, being Resolution No. 2003_19
was regularly introduced and adopted by the Grand Terrace Redevelopment Agency, City of
Grand Terrace, California, at a regular meeting thereof held on the 8th day of July, 2003.
AYES: Councilmembers Larkin and Cortes; Mayor Pro Tem Ferre and Mayor Garcia
NOES: None
ABSENT: Councilmember Hilkey
ABSTAIN: None
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the
City of Grand Terrace, California this 8th day of July, 2003.
&U4
Brenda Stanfill, Secretary