Resolution No. 82291
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RESOLUTION NO. 8229
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 2003-2004, 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 (the "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
(the "Amended Agreement"); and
WHEREAS, the Amended Agreement established the Redevelopment
Agency Loan Fund (the "Loan Fund") for administrative costs of the
Agency; and
WHEREAS, the City of Vernon transfers sums to the 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. 8008 adopted on
June 26, 2002, budgeted and appropriated $17,048,059 for Redevelopment
Operations during fiscal year 2002-2003; and
WHEREAS, the Agency intends to adopt Resolution No. RA-228
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1 establishing and appropriating a budget for the fiscal year 2003-2004
2 of $3,057,721; and
3 WHEREAS, the Amended Agreement requires the City Council to
4 make an appropriation for such amounts loaned to the Agency.
5 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
6 CITY OF VERNON AS FOLLOWS:
7 SECTION 1: The City Council of the City of Vernon does
8 hereby find and determine that the recitals contained hereinabove are
9 true and correct.
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SECTION 2: The City Council of the City of Vernon hereby
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finds that the total amount authorized to be loaned to the Agency
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pursuant to the Amended Agreement for the fiscal year 2003-2004 is
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$3,057,721.
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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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18 SECTION 4: The City Clerk of the City of Vernon shall
19 certify to the passage of this resolution and thereupon and thereafter
20 the same shall be in full force and effect.
APPROVED AND ADOPTED this 25th day of June, 2003.
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LEONIS C. MA BURG, M yor
24 ATTEST:
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26 BRUCE V. MALKENHORST, City Clerk
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1 STATE OF CALIFORNIA )
2 )ss
COUNTY OF LOS ANGELES )
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4 I, BRUCE V. MALKENHORST, City Clerk of the City of Vernon, do
5 hereby certify that the foregoing Resolution, being Resolution No.
6 8229, was duly adopted by the City Council of the City of Vernon at an
7 adjourned regular meeting of the City Council duly held on Wednesday,
8 June 25, 2003, and thereafter was duly signed by the Mayor of the City
9 of Vernon.
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BRUCE V. MALKENHORST, City Clerk
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SUPPORTING
DOCUMENTS
Memo
DATE: June 30, 2003
TO: Leonis C. Malburg, Mayor
Thomas Ybarra, Mayor Pro-Tem
Hilario "Larry" Gonzales, Councilman
William Davis, Councilman
W. Michael MCC mink, Councilman
FROM: Gloria Orosc , hief Deputy City Clerk
Transmitted herewith is a copy of the above -mention resolution, making
appropriations for the operating costs of the Redevelopment Agency of
the City of Vernon for the fiscal year 2003-2004, approved on June 25,
2003.
:gm
cc: Kevin Wilson