2005 AGN SEP 06 I27 - Laserfiche WebLink

Browse Search

REDEVELOPMENT AGENCY FOR THE CITY OF COLTON AGENCY PROMISSORY NOTE West Valley Redevelopment Project THIS PROMISSORY NOTE IS A SPECIAL LIMITED FUND OBLIGATION OF THE AGENCY PAYABLE SOLELY FROM THE SOURCE OF AGENCY FUNDS DESCRIBED HEREIN AND NEITHER THE FAITH NOR CREDIT NOR TAXING POWER OF THE CITY OF COLTON, THE AGENCY OR ANY OTHER LOCAL GOVERNMENTAL ENTITY IS PLEDGED HEREUNDER Principal Amount DATE $23,073,000 June 30, 2005 Rate of Interest: LAIF per annum THIS AGENCY PROMISSORY NOTE (this "Note") evidences an indebtedness of the Redevelopment Agency for the City of Colton to the Colton (the "Agency") to the Colton Utility Authority (the "CUA") and for value received the Agency hereby promises to pay to the order of the CUA the principal amount of this Note, together with interest on such principal amount in accordance with the terms and conditions of this note. This Note is tendered in accordance with Section 2 of that certain 2005 Redevelopment Cooperation Loan Agreement, dated as of September 6, 2005, by and between the CUA and the Agency. RECITALS Section 1. Interest shall accrue and be payable on the outstanding principal balance of this Note. The rate of interest payable on the outstanding principal balance of this Note is the average LAIF rate per annum. Interest on the outstanding principal balance of this Note shall accrue from June 30, 2005. Section 2. Payments of principal and interest under this Note shall be paid only upon sale of that certain Agency owned real property generally located at the northeast corner of Valley Blvd. and Meridian, APN 0162-281-56 and 66. Section 3. This Note shall be considered as an indebtedness of the Agency as the same is intended for purposes of the filing of a statement of indebtedness with the County of San Bernardino pursuant to Health and Safety Code Section 33675. 4