HomeMy WebLinkAbout84-315 - ResolutionsRESOLUTION NO. 84-315
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO
CUCAMONGA, CALIFORNIA, SETTING INTEREST RATE(S) ON LOANS TO
THE PANClIO CUCAMONGA REDEVELOPMENT AGENCY
WHEREAS, the City Council from time to time desires to loan funds to
the Rancho Cucamonga Redevelopment Agency so it must set an appropriate
interest rate for use of those funds; and
WHEREAS, the City Council did adopt Resolution 158A which replaces
Resolution No. 158.
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of
Rancho Cucamonga as follows:
SECTION 1: That an annual interest rate of nine percent (9I) is
hereby established on loans to the Rancho Cucamonga Redevelopment Agency.
SECTION 2: That said interest rates may be changed by the City
Council from time to time, but not to exceed that rate set by Government Code.
SECTION 3: Said interest shall be due and payable by the Rancho
Cucamonga Redevelopmerit Agency within twelve (12) months upon demand by the
City Council.
SECTION 4: Demand shall be based on information provided by City and
Agency staff and at the discretion of the City Council.
PASSED, APPROVED, and ADOPTED this 19th day of December, 1984.
AYES: Wright, Dahl, King
NOES: None
ABSENT: Buquet, Mikeis
ATTEST: