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JH:SM:Idw 12/27/02 CITY OF SAN LEANDRO RESOLUTION N0.2oo3-004 (1485/2888) RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN LEANDRO APPROVING THE EXECUTION BY THE REDEVELOPMENT AGENCY OF THE CITY OF SAN LEANDRO OF A PROMISSORY NOTE OF NOT TO EXCEED $6,500,000 IN CONNECTION WITH THE REDEVELOPMENT AGENCY'S WEST SAN LEANDRO/MACARTHURBQULEVARD REDEVELOPMENT PROJECT AREA RESOLVED, by the City of San Leandro (the "City"), as follows: WHEREAS, the Redevelopment Agency of the City of San Leandro (the "Agency") desires to borrow up to $6,500,000 from the City and in return therefor to deliver to the City a promissory note (the "Promissory Note") in an amount not to exceed $6,500,000, under and pursuant to the provisions of Part 1 of Division 24 (commencing with Section 33000) of the Health and Safety Code of the State of California (the "Law") and other applicable laws, for the purpose of financing redevelopment activities within and of benefit to the Agency's West San Leandro/MacArthur Boulevard Redevelopment Project Area; and WHEREAS, Section 33640 of the Law requires the Agency to obtain the approval of the City Council of the City of San Leandro prior to execution and delivery of the Promissory Note; and WHEREAS, the City Council approves of the issuance of the Promissory Note as being in the public interests of the City and of the Agency; NOW, THEREFORE, it is hereby ORDERED and DETERMINED, as follows: Section 1. Approval of Loan. The City Council hereby authorizes a loan of up to $6,500,000 to the Agency in order to enable the Agency to finance redevelopment activities within or of benefit to the Agency's West San Leandro/MacArthur Boulevard Redevelopment Project Area Section 2. Approval of Promissory Note. The City Council approves the execution and delivery of the Promissory Nate by the Agency, as described above.