Resolution No. 6978
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RESOLUTION NO. 6978
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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 1997-1998, AND
CONFIRMING THE AVAILABILITY OF LOANS PERTAINING
THERETO
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WHEREAS, the City Council by Resolution No. 5574 on
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
Agency of the City of Vernon ("Agency"); and
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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
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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
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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
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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
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WHEREAS, the City Council by Resolution No. 6808 adopted
on June 27, 1996, budgeted and appropriated $3,219,741 for
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Redevelopment Operations during fiscal year 1996-1997; and
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WHEREAS, the Agency intends to adopt Resolution No. RA-
100 establishing and appropriating a budget for the fiscal year
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1997-1998 of $2,982,108; and
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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
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does hereby find and determine that the recitals contained
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hereinabove are true and correct.
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SECTION 2: The City Council of the City of Vernon hereby
finds that the total amount authorized to be loaned to the Agency
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pursuant to said Amended Agreement for the fiscal year 1997-1998
is $2,982,108.
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SECTION 3: Said amount is available to be loaned to the
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Agency pursuant to and subject to the terms and conditions of the
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Amended Agreement.
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SECTION 4: The City Clerk of the City of Vernon shall
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certify to the passage of this resolution and thereupon and
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thereafter the same shall be in full force and effect.
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APPROVED AND ADOPTED this 25th day of June, 1997.
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BRUCE V. 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
Resolution No. 6978, was duly adopted by the City Council of the
City of Vernon at an adjourned regular meeting of the City Council
duly held on Wednesday, June 25. 1997, and thereafter was duly
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signed by the Mayor of the City of
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(SEAL)
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Vernon. ,
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BRUCE V. MALKENHORST,