Resolution No. 8008� K .
1 RESOLUTION NO. 8008
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3 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
VERNON MAKING APPROPRIATIONS FOR THE OPERATING
4 COSTS OF THE REDEVELOPMENT AGENCY OF THE CITY OF
5 VERNON FOR THE FISCAL YEAR 2002-2003, AND
CONFIRMING THE AVAILABILITY OF LOANS PERTAINING
6 THERETO
7 WHEREAS, the City Council by Resolution No. 5574 on
8 December 13, 1988, approved a Loan Agreement For Initial Operating
9 Costs by and between the City of Vernon and the Redevelopment Agency of
10 the City of Vernon (the "Agency"); and
11 WHEREAS, the City Council by Resolution No. 6005 on
12 October 22, 1991, approved a First Amended and Restated Loan Agreement
13 For Operating Costs by and between the City of Vernon and the Agency
14 (the "Amended Agreement"); and
15 WHEREAS, the Amended Agreement established the Redevelopment
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Agency Loan Fund (the "Loan Fund") for administrative costs of the
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Agency; and
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WHEREAS, the City of Vernon transfers sums to the Loan Fund
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as loans to the Agency in each year, subject to annual appropriation by
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the City on a subordinated basis of legally available funds, an amount
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of funds of the City equal to the administrative costs as such costs
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are shown on verified statements submitted annually by the Agency to
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the City; and
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WHEREAS, the City Council by Resolution No. 7797 adopted on
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26 June 27, 2001, budgeted and appropriated $12,881,606 for Redevelopment
27 Operations during fiscal year 2001-2002; and
28 WHEREAS, the Agency intends to adopt Resolution No. RA-209
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establishing and appropriating a budget for the fiscal year 2002-2003
of $17,048,059; and
WHEREAS, the 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 the Amended Agreement for the fiscal year 2002-2003 is
$17,048,059.
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 26th day of June, 2002.
ATTEST:
BRUCE V. MALKENHORST, City Clerk
EONIS C. BURG, Ilayor
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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.
8008, 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 26, 2002, and thereafter was duly signed by the Mayor of the City
of Vernon.
(SEAL)
BRUC'2 V. MALKENHORST, City Clerk
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