2011-04 1
(� RESOLUTION NO. 2011-04
A RESOLUTION OF THE COMMUNITY REDEVELOPMENT AGENCY OF
THE CITY OF GRAND TERRACE, CALIFORNIA,AUTHORIZING LOAN
REPAYMENT TO THE CITY OF GRAND TERRACE BY CREDIT TO CITY
LOAN DUE TO AGENCY
WHEREAS,the Community Redevelopment Agency of the City of Grand
Terrace(the Agency)Board of Directors desire to repay the balance of a loan authorized
by the Board on February 27, 2003; and
WHEREAS,the Agency has not repaid $267,622 of the $538,838 loan from the
City General Fund(10); and
WHEREAS,the Agency does have available funds to make payment to the City
General Fund; and
WHEREAS,the City of Grand Terrace General Fund owes the Community
Redevelopment Agency approximately$4.6 Million or less; and
WHEREAS,the Agency desires to repay the loan to the City by offsetting such
amount owed to the City General Fund(10) against the approximate $4.6 Million loan
owed by the City to the Agency, thereby reducing the City loan to the Agency; and
NOW THEREFORE,the Board of Directors of the Community Redevelopment
Agency of Grand Terrace does hereby resolve, declare, determine, and order as follows:
Section 1. Appropriation of$267,622 in CRA Debt Service Fund(33)to repay loan
to City General Fund(10).
Section 2. Offset and reduce the amount owed to CRA Debt Service Fund(33)by the
City of Grand Terrace General Fund(10).
Section 3. Authorize Staff to make appropriate CRA intrafund transfers to eliminate
the loan owed to City in CRA Capital Projects Fund(32) as needed in
recognition of the offset in CRA Debt Service Fund(33)
PASSED, APPROVED, AND ADOPTED this 22nd day of February, 2011.
2
,mot
Attest:
Secretary of the Grand Terrace Community Chairman of the Grand Terrace
Redevelopment Agency Community Redevelopment Agency
Approved as to form;.
1 �
Agency Counsel
r-
Resolution CRA 2011-04
I,BRENDA MESA,CITY CLERK of the City of Grand Terrace,do hereby certify that the foregoing,
Resolution was introduced and adopted at a regular meeting of the Community Redevelopment
Agency of the City of Grand Terrace held on the 22nd day of February,2011 by the following vote:
AYES: Agency Members McNaboe, Sandoval and Hays; Vice-Chairman
Garcia and Chairman Stanckiewitz
NOES: None
ABSENT: None
ABSTAIN: None
City Clerk