Resolution No. 84741
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
RESOLUTION NO. 8474
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 2004-2005, 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
Ithe 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
JAgency Loan Fund (the "Loan Fund") for administrative costs of the
JAgency; 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
lof funds of the City equal to the administrative costs as such costs
lare shown on verified statements submitted annually by the Agency to
Ithe City; and
WHEREAS, the City Council by Resolution No. 8229 adopted on
June 25, 2003, budgeted and appropriated $3,057,721 for Redevelopment
Operations during fiscal year 2003-2004; and
WHEREAS, the Agency intends to adopt Resolution No. RA-240
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
establishing and appropriating a budget for the fiscal year 2004-2005
of $10, 030, 028; 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 h ereinabove 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 2004-2005 is
$10,030,028.
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 301' day of June, 2004.
ATTEST:
BRUCE V. MALKENHORST, City Clerk
(LEONIS C. MALtURG, Mayor
- 2 -
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 )
)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.
8474, 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 30, 2004, and thereafter was duly signed by the Mayor of the City
of Vernon.
(SEAL)
BRUCE V. MALKENHORST, City Clerk
- 3 -