CRA - 14RESOLUTION NO. CRA-14
A RESOLUTION OF THE CYPRESS REDEVELOPMENT AGENCY ACCEPTING
A LINE OF CREDIT FROM THE CITY'S GENERAL FUND FOR THE
ACQUISITION OF PROPERTY IN THE CIVIC CENTER PROJECT AREA.
WHEREAS, on July 19, 1982 the City Council of the City of Cypress ("City")
adopted Ordinance No. 692 approving and adopting a Redevelopment Plan for the
Civic Center Project Area ("Project Area"); and
WHEREAS, Health and Safety Code Section 33601 authorizes the Agency to
borrow money or accept financial assistance from any public agency for any
redevelopment project within its area of operation; and
WHEREAS, the City desires to extend a line of credit from the City's
general fund in the amount of $900,000 on behalf of the Agency to be used
by the Agency for the acquisition of property located in the Project Area
from time to time as a loan to the Agency in order for the Agency to implement
the Redevelopment Plan for the Project Area, and the Agency desires to accept
said extension of a line of credit for such purposes.
NOW, THEREFORE, the Cypress Redevelopment Agency DOES HEREBY RESOLVE
as follows:
SECTION 1: The Agency hereby accepts the extension of a line of credit
from the City's general fund in the amount of $900,000 to be drawn against
from time to time as determined in the sole discretion of the Agency for the
acquisition of property in the Civic Center Project Area in furtherance of
the Agency's redevelopment activities therein. The Agency agrees to repay
amounts drawn upon said line of credit, including interest thereon, as an
indebtedness of the Agency, all in accordance with that certain Resolution
No. 2625 of the City Council of the City of Cypress adopted on March 7, 1983.
SECTION 2: The Chairman, Executive Director and Secretary of the Cypress
Redevelopment Agency are hereby authorized and directed to execute any and all
instruments and agreements required in order to consummate the transactions
referred to herein.
PASSED AND ADOPTED by the governing body of the Cypress Redevelopment
Agency on this 7th day of March 1983.
CHAIRMAN
CYPRESS REDEVELOPMENT AGENCY
ATTEST: ,../',~ /~
SECRETARY ~' -
CYPRESS REDEVELOPMENT AGENCY
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) SS
I, DARRELL ESSEX, Secretary of the Cypress Redevelopment Agency, DO HEREBY
CERTIFY that the foregoing Resolution was duly adopted at an adjourned regular
meeting of the said Agency held on the 7th day of March 1983; by the following
roll call vote:
AYES: 4
NOES: 0
ABSENT: 1
AGENCY MEMBERS:
AGENCY MEMBERS:
AGENCY MEMBERS:
Kanel, Mullen, Partin, and Lacayo
None
Coronado
u. SECRETARY
CYPRESS REDEVELOPMENT AGENCY