Resolution No. 6812
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RESOLUTION NO. 6812
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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 1996-1997, 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 Operating
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Costs by and between the City of Vernon and the Redevelopment
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Agency of the City of Vernon ("Agency"); and
WHEREAS, the City council by Resolution No. 6005 on
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October 22, 1991, approved a First Amended and Restated Loan
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Agreement For Operating Costs by and between the City of Vernon
and the Agency ("Amended Agreement"); and
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
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Fund as loans to the Agency in each year, subject to annual
appropriation by the City on a subordinated basis of legally
available funds, an amount of funds of the City equal to the
administrative costs as such costs are shown on verified
statements submitted annually by the Agency to the City; and
WHEREAS, the City Council by Resolution No. 6649 adopted
on June 27, 1995, budgeted and appropriated $2,562,677 for
Redevelopment Operations during fiscal year 1995-1996; and
WHEREAS, the Agency intends to adopt Resolution No. RA-86
establishing and appropriating a budget for the fiscal year 1996-
,
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1997 of $3,219,741; and
WHEREAS, said Amended Agreement requires the City Council
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to make an appropriation for such amounts loaned to the Agency.
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NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
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CITY OF VERNON AS FOLLOWS:
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SECTION 1: That the City Council of the City of Vernon
7 does hereby find and determine that the recitals contained
8 hereinabove are true and correct.
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SECTION 2: The City Council of the City of Vernon hereby
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SECTION 3: Said amount is available to be loaned to the
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15 Amended Agreement.
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SECTION 4: The City Clerk of the City of Vernon shall
17 certify to the passage of this resolution and thereupon and
18 thereafter the same shall be in full force and effect.
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APPROVED AND ADOPTED this 27th day of June, 1996.
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ATT% . r'i~
BRUCE V. MALKENHORST, City Clerk
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STATE OF CALIFORNIA )
) ss
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. 6812, was duly adopted by the City Council of the
City of Vernon at an adjourned regular meeting of the City Council
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signed by the Mayor of the City of Vernon.
duly held on Thursday, June 27, 1996, and thereafter was duly
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BRUCE V.
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MALKENHORST, City Clerk