Resolution No. 73601
2
3
4
5
6
7
8I
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
RESOLUTION NO, 7360
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 1999-2000, 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. 7163 adopted on
June 25, 1998, budgeted and appropriated $8,480,490 for Redevelopment
Operations during fiscal year 1998-1999; and
WHEREAS, the Agency intends to adopt Resolution No. RA-144
establishing and appropriating a budget for the fiscal year 1999-2000
1
2
3
4
5
6
71
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
of $8,439,241; 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: 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 1999-2000 is
$8,439,241.
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 29th day of June, 1999.
LEONIS C. MALBURG, Aayor
ATTEST • �������
.�
BRUCE V. MALKENHORST, City Clerk
-2-
4
1
2
3
4
5
6
7
8
9
10
11
12''
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES
ss
I, BRUCE V. MALKENHORST, City Clerk of the City of Vernon, do
hereby certify that the foregoing Resolution, being Resolution No.
7360, was duly adopted by the City Council of the City of Vernon at an
adjourned regular meeting of the City Council duly held on Tuesday,
June 29, 1999, and thereafter was duly signed by the Mayor of the City
of Vernon.
(SEAL)
BRUCE V. MALKENHORST, City Clerk
-3-
SUPPORTING
DOCUMENTS
OFFICE OF THE CITY ADMINISTRATOR/
CITY CLERK
INTER -OFFICE MEMORANDUM
DATE: July 13, 1999
TO: Kevin Wilson, Director of Community Services & Water
Sharon Johnson, Budget/Auditor/Deputy City Treasurer
FROM:
Gloria J. Orosco, Chief
Deputy
City Clerk
RE:
Resolution Nos. RA-144,
RA-145,
& f..a
Transmitted herewith, for your files, is a copy of the above
referenced Resolutions which were approved by City Council on
June 29, 1999.