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• !'!'lal� I� •' • • It 9 ' • / ISI <br />I�� 1 • •• • 10 I <br />•. b••• u•• •��I� al •• I� ••• o- <br />1. PARTIES AND DATE. <br />1.1 THIS AGREEMENT is entered into the 19th day of June, <br />1990, by and between the City of Colton, a municipal corporation, (the <br />"City"), and the Redevelopment Agency for the City of Colton, a public <br />body, corporate and politic (the "Agency"); and <br />2. RECITALS. <br />2.1 Agency has a need to fund certain administrative <br />expenses and overhead in connection with redevelopment activities; and <br />2.2 The California Community Redevelopment Law authorized <br />the City to make a loan to the Agency. <br />NOW, THEREFORE, BE IT RESOLVED in consideration of the foregoing <br />and the mutual promises and covenants contained therein, the parties <br />hereto do mutually agree as follows: <br />3. TERMS. <br />3.1 Amount of Loan. The City agrees to loan the Agency an <br />amount not to exceed $300,000 for deposit in the Mt. Vernon Corridor <br />Redevelopment Project. Said loan shall be in addition to any and all <br />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 from <br />the Agency. The Agency agrees to use such proceeds only for the <br />purposes provided for in State Law. <br />