HomeMy WebLinkAboutRA 2010-004RESOLUTION NO RA 2010-004
aw A RESOLUTION OF THE COMMUNITY REDEVELOPMENT AGENCY
OF ATASCADERO APPROVING A LOAN OF THE AGENCY LOW AND
MODERATE INCOME HOUSING FUND TO THE AGENCY GENERAL
FUND FOR THE FISCAL YEAR 2009-2010 SERAF PAYMENT
REQUIRED BY SECTION 33690 OF THE CALIFORNIA
HEALTH AND SAFETY CODE
WHEREAS, on May 7 2010 the Community Redevelopment Agency of Atascadero
("Agency") made its payment of One Million Three Hundred Thirty -Five Thousand Three
Hundred Twenty -Two Dollars ($1,335,322) to the SERAF, and,
WHEREAS, this amount is now an indebtedness of the Redevelopment Agency Project
Area as per Health and Safety Code section 33690 subsection (e) and the Agency may expect
some repayment of the indebtedness via tax increment; and,
WHEREAS, Health and Safety Code section 33690 subsection (c) authorizes the Agency
to borrow the amount required to be allocated from the Low and Moderate Income Housing
Fund ("LMIHF") in order to make the Agency's full allocation to the SERAF, and,
NOW, THEREFORE, BE IT RESOLVED, by the Community Redevelopment Agency of
Atascadero
The Redevelopment Agency Low and Moderate Income Housing Fund hereby loans to the
Redevelopment Agency General Fund the amount of One Million Three Hundred Thirty -Five
Thousand Three Hundred Twenty -Two Dollars ($1,335,322), effective May 7, 2010, at an
interest rate of zero percent (0 00%) The full amount of the loan shall be due in a single payment
on or before June 30, 2015
Community Redevelopment Agency of Atascadero
Resolution No RA 2010-004
Page 2 of 2
On motion by Board Member Clay and seconded by Board Member Beraud, the
foregoing Resolution is hereby adopted in its entirety on the following roll call vote
AYES Board Members Beraud, Clay, Fonzi, O'Malley and Board Chairperson Kelley
NOES None
ABSENT None
ADOPTED September 14, 2010
COMMUNITY REDEVELOPMENT
AGENCY OF ATASCADERO
By -
Bob Kelley, Chairpe on
ATTEST
SCG, /RL�
am Marcia McClure Torgerson, C M.0
Board Secretary
APPROVED AS TO FORM
(& E
Brian A. Pierik, Agency Counsel