RDA Reso 2004-011 - Laserfiche WebLink

Home

WHEREAS, in order to evidence its obligation to repay the City such amounts advanced to the Agency for the City of San Leandro/County of Alameda Joint Project Area, the City desires to execute and deliver to the Agency a promissory note (the "Promissory Note") in the amount of not to exceed $4,372,774; NOW, THEREFORE, it is hereby ORDERED AND DETERMINED, as follows: Section 1. Confirmation of Promissor~ote for the Plaza Project Area. The Agency hereby confirms the execution and delivery of the Promissory Note dated December 5, 2002 in substantially the form thereof on file with the Secretary. The confirmation of the Promissory Note shall be deemed conclusive evidence of the Agency's approval of such obligation, provided that no change shall increase the amount of the Promissory Note to an amount greater than $2,887,617 or provide for an interest rate on the Promissory Note in excess of 6.00%. The Agency confirms that Chair, the Executive Director and the Treasurer of the Agency (each, a "Designated Officer"), each acting alone, were authorized and directed to execute, and the Secretary of the Agency was authorized to attest, the Promissory Note for and in the name and on behalf of the Agency. The Agency hereby confirms the delivery and performance of the said Promissory Note on behalf of the Plaza Redevelopment Project Area. Further, the Agency confirms that principal and interest payment have been made as required and in the manner specified in the Promissory Note and that the balance as of July 1, 2004 is $2,596,400; and Section 2: Approval of Promissory Note for the City of San Leandro/County of Alameda Joint Project Area: The Agency hereby authorizes the execution and delivery of the Promissory Note in substantially the form thereof to file with the Secretary, together with any additions thereto or changes therein deemed necessary or advisable by the Executive Director or Treasurer of the Agency, upon advice of the Agency's counsel. The execution of the Promissory Note shall be deemed conclusive evidence of the Agency's approval of such additions or changes, provided that RESOLUTION N0.2004-011 RDA 2