AgdaPkt 2003-01-08 - Laserfiche WebLink

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l -AJD WHEREAS, to ensure the existence of adequate funds for site acquisition and construction of, as well as costs related to, the Public Parking Facility, the Parties desire to enter into this Loan Agreement whereby the City will loan the Agency twenty million dollars ($20,000,000) for site acquisition, construction and related costs for the Public Parking Facility; and WHEREAS, all acts and proceedings required by law necessary to make this Loan Agreement, when executed by the Parties, the valid, binding and legal obligations of the Parties, and to constitute this Loan Agreement a valid and binding agreement for the uses and purposes herein set forth in accordance with its terms, have been done and taken, and the execution and delivery of this Loan Agreement have been in all respects duly authorized. NOW, THEREFORE, in consideration of the promises and the mutual agreements herein contained, the Parties hereby agree as follows: 1. Amount of Loan. The City agrees to loan the Agency the amount of twenty million dollars ($20,000,000) (the "Loan ") to be taken in those amounts and from those sources as follows: a. The City's Traffic Impact Fee Fund (Fund No. 785); Six Million Dollars ($6,000,000) The City's Capital Project's Fund (Fund No. 357); Fourteen Million Dollars ($14,000,000) 2. Acknowledoement of Loan. The Parties hereby agree that as of January 1, 2003, the Agency owes the City the amount of twenty million dollars ($20,000,000) and that the Loan constitutes the aggregate amount of this Loan Agreement. The Agency agrees to use such loan proceeds only for the purposes set forth in this Loan Agreement. 3. Interest Interest on the unpaid principal balance of the Loan shall accrue at the rate shown in the Debt Service Schedule which is attached hereto and incorporated herein by reference as Exhibit "A," commencing from January 1, 2003. Interest shall be payable semi - annually on each August 1 and February 1, commencing August 1, 2003. Interest shall be calculated based on thirty (30) day month and three hundred sixty (360) day year basis. 4. ReDavment of Loan. The Agency shall repay the principal of the Loan, together with interest thereon at the rate set forth in Section 3 of this Loan Agreement, pursuant to Exhibit A, the Debt Service Schedule. 5. Optional Preoavment of the Loan. The Agency has the right to prepay the unpaid principal balance of the Loan, together with accrued interest thereon, in whole or in part on any date, without penalty or premium. F:Atty /Agr /Agr.088 010703 2