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<br />IN THE REDEVELOPMENT AGENCY OF THE CITY OF SAN LEANDRO <br /> <br />RESOLUTION NO. 2006-005 RDA <br /> <br />(1485/3059) <br /> <br />RESOLUTION CONFIRMING OUTSTANDING LEVELS OF DEBT FOR THE <br />REDEVELOPMENT AGENCY LOW AND MODERATE INCOME HOUSING FUND OWED <br />FOR THE CITY OF SAN LEANDRO <br /> <br />RESOLVED, by the Redevelopment Agency of the City of San Leandro (the "Agency"), as <br /> <br />follows: <br /> <br />WHEREAS, the Agency, pursuant to the Community Redevelopment Law, being Part 1 of <br /> <br />Division 24 (commencing with Section 33000) of the Health and Safety Code of the State of <br /> <br />California (the "Law"), is undertaking redevelopment activities within and of benefit to its <br /> <br />redevelopment project areas; <br /> <br />WHEREAS, in order to aid the Agency in such redevelopment activities, the City of San <br /> <br />Leandro (the "City") had previously advanced $450,000 to the Agency with respect to the Low and <br /> <br />Moderate Housing Fund and; <br /> <br />WHEREAS, the Agency received delivery of the advance and accepts the terms of the <br /> <br />obligation; <br /> <br />NOW, THEREFORE, it is hereby ORDERED AND DETERMINED, as follows: <br /> <br />Section 1. Repayment of Funds Agreement. The Agency acknowledges itself indebted to <br /> <br />and promises the City of San Leandro, on or before June 30, 2007 the principal sum of Four <br /> <br />Hundred Fifty Thousand Dollars ($450,000) ("Loan") in lawful money of the United States of <br /> <br />America, together with interest thereon, including interest on unpaid interest, at the rate of 3.9%. <br /> <br />The Agency shall make interest only payments annually on July 1 st. Interest shall be computed on <br />