Resolution No. 8781
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RESOLUTION NO. 8781
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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 2005-2006,AND
CONFIRMING THE AVAILABILITY OF LOANS PERTAINING
THERETO
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WHEREAS, the City Council by Resolution No, 5574 on
December 13, 1988, approved a Loan Agreement For Initial Operating
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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
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(the "Amended Agreement"); and
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WHEREAS, the Amended Agreement established the Redevelopment
Agency Loan Fund (the "Loan Fund") for administrative costs of the
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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. 8474 adopted on
June 30, 2004, budgeted and appropriated $10,030,028 for Redevelopment
Operations during fiscal year 2004-2005; and
WHEREAS, the Agency intends to adopt Resolution No. RA-255
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1 establishing and appropriating a budget for the fiscal year 2005-2006
2 of $20,285,663; 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:
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SECTION 1: The City Council of the City of Vernon does
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hereby find and determine that the recitals contained hereinabove are
true and correct.
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SECTION 2: The City Council of the City of Vernon hereby
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 2005-2006 is
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$20,285,663.
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SECTION 3: Said amount is available to be loaned to the
Agency pursuant to and subject to the terms and conditions of the
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Amended Agreement.
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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, 2005.
ATT
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~~~Mayor
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BRUC V. MALKENHORST,
Acting City Clerk
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STATE OF CALIFORNIA
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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.
8781, 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 29, 2005, and thereafter was duly signed by the Mayor of the City
of Vernon.
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