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WHEREAS, the loan will be repaid in full by the Successor Agency as soon as <br />sufficient funding is received from the Redevelopment Property Tax Trust Fund, <br />anticipated to be in January 2016; and <br /> <br />WHEREAS, the City has agreed to provide a loan in an amount not to exceed <br />$779,051.00 (the “Loan”) to the Successor Agency in accordance with Section 34173(h). <br /> <br /> NOW, THEREFORE, for good and valuable consideration, the receipt and <br />sufficiency of which are hereby acknowledged, the Parties to this Agreement agree as <br />follows: <br />ARTICLE 1 <br />LOAN TERMS <br /> <br />1.1 Loan. <br /> <br />(a) Loan Amount. City agrees to lend to Successor Agency, and Successor <br />Agency agrees to borrow from and repay to City, a Loan in the amount not to <br />exceed Seven hundred seventy-nine thousand and fifty-one dollars <br />($779,051.00) (“Loan Proceeds”). <br /> <br />(b) .Loan Repayment. The total outstanding Loan principal together with accrued <br />interest thereon, is due and payable on June 30, 2016 (the “Maturity Date”). <br /> <br />(c) Interest. Commencing on the date of initial disbursement of the proceeds of <br />the Loan and continuing through the date that all indebtedness and other <br />amounts payable under this Agreement are paid in full, interest on the Loan <br />will accrue on the outstanding principal balance, at the rate equal to the <br />“Apportionment Rate” earned by the California Local Agency Investment Fund <br />(“LAIF”) maintained by the California Treasurer’s Office (Government Code <br />16429.1) for the most recently completed fiscal quarter. Interest will be <br />calculated on the basis of a year of 365 days and charged for the actual <br />number of days that principal is outstanding. <br /> <br />1.2 Prepayment. Successor Agency may prepay the Loan, including any <br />outstanding accrued and unpaid interest, in whole or in part, at any time, without penalty <br />or other charge. Any partial prepayment shall be applied first to accrued and unpaid <br />interest that is due, then to the outstanding principle balance of the Loan. <br /> <br />1.3 Payment. The outstanding principal of the Loan, together with any outstanding <br />accrued and unpaid interest, is due and payable immediately upon the receipt of <br />Redevelopment Property Tax Trust Fund revenues collected for the Successor Agency <br />by Alameda County and the State of California, but no later than the Maturity Date. <br /> <br />