Resolution No. 71671
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RESOLUTION NO. 7167
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 1998-1999, AND
CONFIRMING THE AVAILABILITY OF LOANS PERTAINING
THERETO
WHEREAS, the City Council by Resolution No. 5574 on
December 13, 1988, approved a Loan Agreement For Initial Operating
Costs by and between the City of Vernon and the Redevelopment
Agency of the City of Vernon ("Agency"); and
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
and the Agency ("Amended Agreement"); and
WHEREAS, said Amended Agreement established the
Redevelopment Agency Loan Fund ("Loan Fund") for administrative
costs of the Agency; and
WHEREAS, the City of Vernon transfers sums to said Loan
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. 6974 adopted
on June 25, 1997, budgeted and appropriated $2,982,108 for
Redevelopment Operations during fiscal year 1997-1998; and
WHEREAS, the Agency intends to adopt Resolution No.-RA-
125 establishing and appropriating a budget for the fiscal year
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1998-1999 of $8,480,490; and
WHEREAS, said Amended Agreement requires the City Council
to make an appropriation for such amounts loaned to the Agency.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF VERNON AS FOLLOWS:
SECTION 1: That the City Council of the City of Vernon
does hereby find and determine that the recitals contained
hereinabove are true and correct.
SECTION 2: The City Council of the City of Vernon hereby
finds that the total amount authorized to be loaned to the Agency
pursuant to said Amended Agreement for the fiscal year 1998-1999
is $8,480,490.
SECTION 3: Said amount is available to be loaned to the
Agency pursuant to and subject to the terms and conditions of the
Amended Agreement.
SECTION 4: The City Clerk of the City of Vernon shall
certify to the passage of this resolution and thereupon and
thereafter the same shall be in full force and effect.'
APPROVED AND ADOPTED this 25th day of June, 1998.
EONIS C. MALBVRG, Mdyor
ATTEST:
BRUCE V. MALKENHORST, City Clerk
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STATE OF CALIFORNIA )
) ss
COUNTY OF LOS ANGELES )
I, BRUCE V. MALKENHORST, City Clerk of the City of
Vernon, do hereby certify that the foregoing Resolution, being
Resolution No. 7167, was duly adopted by the City Council of the
City of Vernon at an adjourned regular meeting of the City Council
duly held on Thursday, June 25, 1998, and thereafter was duly
signed by the Mayor of the City of Vernon.
BRUCE V. MALKENHORST, City Clerk
(SEAL)
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