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(b) Interest Rate. Commencing from the origination date of the loan agreement <br />and continuing until all principal amount of the Loan is repaid in full, interest <br />will accrue at the rate of 3%, computed quarterly and compounded annually. <br /> <br />(c) Annual Payment. Commencing in Fiscal Year 2017/2018, Successor shall <br />make payments to City in the amount not to exceed the maximum repayment <br />amount authorized by Section 34191.4(b)(3) of the Dissolution Law. <br />Payments shall be applied first to the principal balance due and second to <br />interest. Successor Agency has set forth a proposed repayment schedule in <br />Exhibit A attached to this Agreement and incorporated herein by this <br />reference. <br /> <br />(d) Maturity Date. Successor will make each Payment upon the receipt of tax <br />revenues from the Alameda County Auditor Controller. The total outstanding <br />Repayment Amount, is due and payable on July 5, 2022 (the “Maturity <br />Date”). <br /> <br />1.2 Prepayment. Subject to the requirements of Section 34191.4, the Successor <br />Agency may prepay the outstanding principal of the Loan, in whole or in part, at any <br />time. <br /> <br />ARTICLE 2 <br />SUCCESSOR AGENCY REPRESENTATIONS AND WARRANTIES <br /> <br />2.1 Standing. Successor Agency warrants that it is in good standing with respect to <br />all laws and regulations related to Successor Agency operations. <br /> <br />2.2 Authority. Successor Agency warrants that it has authority, and has completed <br />all proceedings and obtain all approvals necessary to execute, deliver, a nd perform <br />under this Agreement. <br /> <br />2.3 Valid and Binding Obligations. Successor Agency warrants that, when duly <br />executed by the Successor Agency, this Agreement shall constitute the legal, valid and <br />binding obligations of Successor Agency enforceable in accordance with its terms. <br /> <br />2.4 No Adverse Action. Successor Agency warrants that there is no action, suit or <br />proceeding pending or threatened against it which might adversely affect the Successor <br />Agency with respect to this Agreement. <br /> <br />ARTICLE 3 <br />SUCCESSOR AGENCY COVENANTS <br /> <br />3.1 Notification. Until the Loan is repaid in full, the Successor Agency covenants that <br />it will promptly notify City in writing of the occurrence of any event which might <br />materially and adversely affect its ability to perform its obligations under this Agreement, <br />or which constitutes, or which the giving of notice or passage of time or both would