1989 AGN JUN 20 I11 - Laserfiche WebLink

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AGREEMENT FOR LOAN AMID REPAYMENT BETWEEN THE CITY OF COLTON AMID THE REDEVELOPMENT AGENCY FOR THE CITY OF COLTON COOLEY RANCH REDEVELOPMENT PROJECT 1. PARTIES AND DATE. 1.1 THIS AGREEMENT is entered into the 20th day of June, 1989, by and between the City of Colton, a municipal corporation, (the "City"), and the Redevel- opment Agency for the City of Colton, a public body, corporate and politic (the "Agency"); and 2. RECITALS. 2.1 Agency has a need to fund certain administrative expenses and over- head in connection with redevelopment activities; and 2.2 The California Community Redevelopment Law authorized the City to make a loan to the Agency. NOW, THEREFORE, BE IT RESOLVED in consideration of the foregoing and the mutual promises and covenants contained therin, the parties hereto do mutually agree as follows: 3. TERMS. 3.1 Amount of Loan. The City agrees to loan the Agency an amount not to exceed $990,200 for deposit in the Cooley Ranch Redevelopment Project. Said loan shall be in addition to any and all amounts heretofore loaned to the Agency. 3.2 Disbursement of Funds. The City agrees to disburse loan proceeds to the Agency upon receipt of a request in writing from the Agency. The Agency agrees to use such proceeds only for the purposes provided for in State Law.