1995 RES R-22-95 - Laserfiche WebLink

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LOAN AGREEMENT BY AND BETWEEN CITY OF COLTON AND REDEVELOPMENT AGENCY FOR THE CITY OF COLTON This Loan Agreement (the "Agreement") is entered into this 21st day of March, 1995, by and between the City of Colton, a municipal corporation ("City") and the Redevelopment Agency for the City of Colton, a public body, corporate and politic ("Agency"). RECITALS WHEREAS, the City has previously utilized funds invested by Agency in the amount of $1,911,077.25 which were available as of March 6, 1995, in the Local Agency Investment Fund ("LAIF"), a pooled investment fund held jointly by the City and the Agency; and WHEREAS, it is the intent of the City and the Agency to document the previous use by the City of such Agency funds as were invested in the LAIF and to repay such funds to the Agency from monies legally available to the City; and WHEREAS, pursuant to Health and Safety Code Section 33603, the Agency may invest any money held in reserves or sinking funds, or any money not required for immediate disbursement, in property or securities in which savings banks may legally invest money subject to their control; and WHEREAS, the Agency desires to lend and the City seeks to borrow from the Agency certain funds pursuant to the terms and conditions as set forth herein; and WHEREAS, this Agreement provides that the Agency shall only lend to the City those funds invested in the LAIF or any other investments of the Agency which are held in reserve or are surplus tax increment revenues which the Agency does not require for immediate disbursement in accordance with the terms and conditions set forth below; and WHEREAS, the City shall not receive any additional funds pursuant to this Agreement from the Agency unless authorized by official action of both the City and the Agency pursuant to a separate loan agreement; and WHEREAS, the City shall not utilize any pooled Agency funds invested in the LAIF unless the City and the Agency have so -1-