19920601 Note of RDA Action Repayment of Advances to the RDA from the City of RPV t �
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ACTiON
OF RDA
RANCHO PALOS VERDES
REPAYMENT OF ADVANCES TO THE REDEVELOPMENT AGENCY FROM
THE CITY - LOAN AGREEMENT BETWEEN THE RDA AND THE CITY -
FY 1991-92 . (ROHLOFF)
ACTION: ( 1) AUTHORIZED THE REPAYMENT OF $819,956 (IN
DOTH PRINCIPAL AND INTEREST) IN LOANS MADE BY THE CITY
OF RANCHO PALOS VERDES TO THE REDEVELOPMENT AGENCY TO
FUND IMPROVEMENTS IN ABALONE COVE. THE ABOVE AMOUNT
WILL BE REPAID FROM COUNTY IMPROVEMENT BOND PROCEEDS.
THE NET BALANCE ON THE LOANS AS A RESULT OF THIS
REPAYMENT SHALL BE $0. (2) AUTHORIZED THE AGENCY
CHAIRMAN AND AGENCY SECRETARY TO EXECUTE THE PROPOSED
LOAN AGREEMENT BETWEEN THE REDEVELOPMENT AGENCY AND THE
CITY OF RANCHO PALOS VERDES TO FUND REDEVELOPMENT AGENCY
ACTIVITIES IN FISCAL YEAR 1991-92 FOR THE PORTUGUESE
BEND RDA FUND. THE PROPOSED LOAN WILL FUND RDA
ACTIVITIES IN THE AMOUNT OF $165, 000 IN FY 1991-92 .
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Ag .