Resolution No. 6126
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RESOLUTION NO. 6126
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A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF VERNON MAKING APPROPRIATIONS FOR
THE OPERATING COSTS OF THE REDEVELOPMENT
AGENCY OF THE CITY OF VERNON FOR THE
FISCAL YEAR 1992-1993, AND CONFIRMING THE
AVAILABILITY OF LOANS PERTAINING THERETO
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WHEREAS, the City Council by Resolution No. 5574 on
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December 13, 1988, approved a Loan Agreement For Initial
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Operating Costs by and between the City of Vernon and the
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Redevelopment Agency of the city of Vernon ("Agency"); and
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WHEREAS, the City Council by Resolution No. 6005 on
October 22, 1991, approved a First Amended and Restated Loan
Agreement For Operating Costs by and between the City of Vernon
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and the Agency ("Amended Agreement"); and
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WHEREAS, said Amended Agreement established the
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Redevelopment Agency Loan Fund ("Loan Fund") for administrative
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costs of the Agency; and
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WHEREAS, the City of Vernon transfers sums to said Loan
Fund as loans to the Agency in each year, subject to annual
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appropriation by the City on a subordinated basis of legally
available funds, an amount of funds of the City equal to the
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administrative costs as such costs are shown on verified
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statements submitted annually by the Agency to the City; and
WHEREAS, the city Council by Resolution No. 6121
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adopted on June 30, 1992, budgeted and appropriated
$2,862,330.00 for Redevelopment Operations during fiscal year
1992-1993; and
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WHEREAS, the Agency intends to adopt Resolution No. RA-
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1992-1993 of $2,862,330; and
WHEREAS, said Amended Agreement requires the City
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Council to make an appropriation for such amounts loaned to the
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Agency.
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THE CITY OF VERNON AS FOLLOWS:
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
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hereby finds and determines that the recitals contained
SECTION 1: The City Council of the City of Vernon
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hereinabove are true and correct.
hereby finds that the total amount authorized to be loaned to
SECTION 2: The City Council of the city of Vernon
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the Agency pursuant to said Amended Agreement for the fiscal
year 1992-1993 is $2,862,330.00.
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SECTION 3: Said amount is available to be loaned to
the Agency pursuant to and subject to the terms and conditions
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of the Amended Agreement.
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certify to the passage of this resolution and thereupon and
SECTION 4: The City Clerk of the City of Vernon shall
thereafter the same shall be in full force and effect.
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ATTEST:
A-
BRUCE V.
APPROVED AND ADOPTED this 30th day of June, 1992.
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MALKENHORST, City Clerk
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STATE OF CALIFORNIA )
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COUNTY OF LOS ANGELES )
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I, BRUCE V. MALKENHORST, City Clerk of the City of
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Vernon, do hereby certify that the foregoing Resolution, being
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Resolution No. 6126, was duly adopted by the City Council of the
City of Vernon at an adjourned regular meeting of the City
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Council duly held on Tuesday, June 30. 1992, and thereafter was
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duly signed by the Mayor of the City of Vernon.
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BRUCE V. MALKE HORST, City Clerk
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(SEAL)
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