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AGREEMENT FOR LOAN AND REPAYMENT <br />(City of Colton, California) <br />I. PARTIES AND DATE. <br />1.1 THIS AGREEMENT is entered into this 16th day of <br />June, 1987, by and between the City of Colton, a municipal <br />corporation, (the "City"), and the Redevelopment Agency for the <br />City of Colton, a public body, corporate and politic (the <br />"Agency"); and <br />2. RECITALS. <br />2.1 Agency has a need to fund certain administrative <br />expenses and overhead in connection with redevelopment <br />activities; and <br />2.2 The California Community Redevelopment Law <br />authorizes the City to make a loan to the Agency. <br />NOW, THEREFORE, BE IT RESOLVED in consideration of the <br />foregoing and the mutual promises and covenants contained therein, <br />the parties hereto do mutually agree as follows: <br />3. TERMS. <br />3.1 Amount of Loan. The city agrees to loan the Agency <br />an amount not to exceed $20,000. Said loan shall be in addition <br />to any and all amounts heretofore loaned to the Agency. <br />3.2 Disbursement of Funds. The City agrees to disburse <br />loan proceeds to the Agency upon receipt of a request in writing <br />from the Agency. These disbursements are conditioned upon receipt <br />of the funds from the Agency in repayment of previous City loans <br />