HomeMy WebLinkAboutCC Reso 2018-17 RESOLUTION NO. 2018-17
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CATHEDRAL CITY, CALIFORNIA ACCEPTING THE
ASSIGNMENT OF A PROMISSORY NOTE SECURED BY A
DEED OF TRUST FROM THE CITY URBAN
REVITALIZATION CORPORATION
WHEREAS, the City Urban Revitalization Corporation ("CURC"), an independent
501(c)(3) non-profit public benefit corporation wishes to assign to the City, via donation a
promissory note secured by a deed of trust dated February 6, 2018 given by the Coachella
Valley Repertory, a California public benefit corporation ("CVR"), for payment of the
principal sun of Nine Hundred Thousand Dollars and No Cents ($900,000), together with
interest at the rate of 4.25% compounded monthly (the "Note"); and
WHEREAS, the City was informed that the Note is to be used for public purposes;
and
WHEREAS, the City Council's desire is to accept the assignment of the Note as a
donation; and
NOW, THEREFORE, the City Council of the City of Cathedral City does hereby
resolve as follows:
SECTION 1. The above recitals are true and correct.
SECTION 2.The City has determined that the Note proceeds will be used by the City for
public purposes.
SECTION 3. The City wishes to accept the assignment of the Note from CURC as a
donation.
SECTION 4. The City Manager is authorized to execute all documents needed to accept
the assignment of the NOTE on behalf of the City.
SECTION 4. The Mayor, or presiding officer, is hereby authorized to affix his signature to
this Resolution signifying its adoption and the City Clerk, or her duly appointed deputy, is
directed to attest thereto.
SECTION 5. The City Clerk shall certify to the adoption of this Resolution.
PASSED, APPROVED AND ADOPTED on this 9th day of May, 2018.
Stan Henry
Mayor
ATTEST:
Gary . Howell
City Clerk
APPROVED AS TO FORM-
Eric S. Vail
City Attorney
I hereby certify that the foregoing resolution, Resolution No. 2018-17 , was duly
passed, approved and adopted by the City Council of the City of Cathedral City at a
regular meeting held on the 9th day of May, 2018 by the following vote:
AYES: Council Members Aguilar, Carnevale and Kaplan; Mayor
Pro Tem Pettis and Mayor Henry
NOES: None
ABSENT: None
ABSTAIN: None
Gary F. Howell
City Clerk