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Home My WebLink About13-04 OB SARDA Resolution RESOLUTION NO. OB SARDA 13-04 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE TEMECULA REDEVELOPMENT AGENCY MAKING A FINDING, PURSUANT TO HEALTH AND SAFETY CODE 34191.4 (B) (1), THAT THE PROMISSORY NOTE BEWTEEN THE CITY OF TEMECULA AND THE FORMER TEMECULA REDEVELOPMENT AGENCY WAS FOR LEGITIMATE REDEVELOPEMENT PURPOSES. THE BOARD OF DIRECTORS OF THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE TEMECULA REDEVELOPMENT AGENCY DOES HEREBY RESOLVE AS FOLLOWS: WHEREAS, Pursuant to Part 1.85 of the Community Redevelopment Law (commencing with Health and Safety Code Section 34170) ("Part 1.85"), the Successor Agency to the Temecula Redevelopment Agency ("Successor Agency") is required to undertake a number of actions related to winding down the affairs of the former Redevelopment Agency pursuant to Health and Safety Code Section 34177(h). WHEREAS, The City Council of the City of Temecula adopted Resolution No. 12- 02 January 10, 2012, pursuant to Health and Safety Code Section 34173 and applicable law electing for the City to serve as the Successor Agency for the Temecula Redevelopment Agency upon the dissolution of the Redevelopment Agency of the City of Temecula. The City Council of the City of Temecula, Acting as the Governing Body for the Successor Agency to the Temecula Redevelopment Agency, adopted Resolution No. 12-01 on February 28, 2012 declaring the Successor Agency to the Temecula Redevelopment Agency duly constituted pursuant to law and establishing rules and regulations for the operation of the Successor Agency to the Temecula Redevelopment Agency ("Successor Agency"). NOW, THEREFORE, BE IT RESOLVED by the Oversight Board as follows: Section 1. The Board of Directors of the Oversight Board of the Successor Agency to the Temecula Redevelopment Agency does hereby find, determine and declare that: A. The Promissory Note between the City of Temecula and the former Temecula Redevelopment Agency, dated March 12, 1996 and as amended was entered into for legitimate redevelopment purposes per Health and Safety Code Section 34191.4 (b)(1). B. The Promissory Note provided for repayment of reasonable term and interest rate and was accepted as legitimate indebtedness by the State Controller prior to AB X1 26. C. The Promissory Note was established prior to January 1, 2011. Section 2. The Oversight Board finds that the Promissory Note between the City of Temecula and the former Temecula Redevelopment Agency as set forth in Exhibit A attached to this resolution was for legitimate redevelopment purposes and in so finding the Oversight Board finds and determines the Promissory Note is an enforceable obligation and should be recognized as such pursuant to the provisions of AB 1484, including but not limited to Health and Safety Code Section 34191.4. Section 2. This Resolution is adopted pursuant to the Health and Safety Code Section 34191.4. Section 4. The officers and staff of the Successor Agency are hereby authorized and directed, jointly and severally, to do any and all things which they may deem necessary or advisable to effectuate this Resolution, and any such actions previously taken by such officers and staff are hereby ratified and confirmed. Section 5. The Secretary shall certify to the adoption of this Resolution. PASSED, APPROVED, AND ADOPTED by the Board of Directors of the Oversight Board Successor Agency to the Temecula Redevelopment Agency this 25th day of September, 2013. •- ��,�� -�-�-,�„�� Gary Thornhill, Vice Chairperson ATTEST: , Susan W Jones MMC City Cler Board Secretary STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) ss CITY OF TEMECULA ) I, Susan W. Jones, MMC, City Clerk/Board Secretary of the Oversight Board of the Successor Agency to the Temecula Redevelopment Agency, do hereby certify that the foregoing Resolution No. OB SARDA 13-04 was duly and regularly adopted by the Board of Directors of the Oversight Board of the Successor Agency to the Temecula Redevelopment Agency at a meeting thereof held on the 25th day of September, 2013, by the following vote: AYES: �5 BOARD MEMBERS: Thornhill, Sparkman, Kelliher, Gonzalez Ur:;�y�:y_�...�.k NOES: 0 BOARD MEMBERS: ABSENT: 2 BOARD MEMBERS: Meyer, � Turner ABSTAIN: 0 BOARD MEMBERS: Su an W. Jones, MMC � y erk/Board Secretary Exhibit A Promissory Note EXHIBIT "A" PROMISSORY NOTE The Redevelopment Agency of the City of Temecala ("Agency") hereby promises, for cansideration received, to pay the City of Temecula{"City") the sum of Nine Huadred Eighteen Thousand One Hundred Seventy One Dollars and NO/100 ($ 918,171.00) bearing simple interesE at the rate of the prime interest rate charged by First Interstate Bank of Califvrnia as of the datc this Note. This Note and all accrued interest shall be due and payabie five (S) years from the date of this Note unless extended by mutuaI written agreement of the Ciry and Agency without interim payments by the Agency during the term of the Note, provided that the Agency may make partial payments or repay the amount of the Note in full prior to the due date without penalty. This Note is and will be subordinate to a11 exiating debt of the Agency and such additlonal debt as the Agency may incur during the tcrm of this Note and no funds of the Agency are pledged to its repaymeat. In the event of a default by the Agency, the City shall have all legal and equitable remedles available to it to enforce the terms of the Note. This Note is made as of March 12, 1996 at Temecula, California. REDEVELOPMENT AGENCY OF TH8 CI OF TBMECULA �, �L��.�.� Pa icia H. Birdsall Chairperson ATTEST: � _� �!�� l,I�Gie.ek, CMC Secretary/City Clerk APPROVED AS TO FORM: . �_ eter M. Thorson �eneral Counsel Rewal96-30.exh r PROMISSORY NOTE T'he Redevelopment Agency of the City of Temecula("Agency")hereby promises,for consideration received,to pay the City of Temecula("City")the sum of One Million Three Hundred Fifty Seven Thousand Five Hundred Dollazs and NO/100 ($1,357,500.00)bearing simple interest at the rate of the prime interest rated charged by Union Bank as of the date of this Note. This Note and all accrued interest from March 12, 1996 shall be due and payable May l,2007 unless extended by mutual written agreemeut of the City and the Agency without interim payments by the Agency during � the term of the Note,provided that the Agency may make partial payments or repay the amount of the Note in full prior to the due date without penalty. This Note is and will be subordinate to a11 existing debt of the Agency and such additional debt as the Agency may incur during the tertn of tlus Note and no funds of the Agency are pledged to its repayment. In the event of a default by the Agency,the City shall have all legal and equitable remedies available to it to enforce ttie terms of the Note. This Note is made as of April 23,2002 at Temecula California. REDEVELOPMEN AGENCY OF THE ITY� F'TEM ' LA J merchero , rperson ' ATTES'I': b�-�� _ Susan .Jones,CMC � City CI �k � .�"'�"-�i��''.,�.-�-. Peter M.Thorson General Counsel R:101dtown\Sixth StrestlPramissorynote.Joc PRONIISSORY NOTE The Redevelopment Agency of the City of Temecula("Agency")hereby promises,for consideration received,to pay the City of Temecula("City")the sum of One Million Nine Hundred Tfiousand Dollazs ancl N0/100($1,903,333.00)bearing simpie inteiest at the rate of 5%annually. This Note and all accrued interest from March 12, 1996 shall be due and payable December 16,2013 as extended by mutual written agreement of the City and the Agency without interim payments by the Agency during the term of ihe Note,provided that the Agency may make partial payments or repay the amount of the Note in full prior to the due date without penalty. This Note is and will be subordinate ta all existing debt of the Agency and such additional debt as the Agency may incur during the term of this Note and no funds of the Agency are pledged to its repayment. In the event of a default by the Agency,the City shatl have all legal and equitable remedies available to it to enforce the terms of the Note. This Note is made as of December 16,2008 at Temecula California. REDE .- PMENT A ENCY THE CI F I'E .E. _A Ron Roberts , Chairperson ATTEST: ��. UJ- Susan Jones,MMC/A ncy Secretary Gity CI �.' _ -- f. _ Peter M.Thorson� Agency Counsel � Z:1QldwwnlSixth Street�PcamissorynoteDec16a8,doc