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AGREEMENT <br />FOR LOAN AND REPAYMENT <br />THIS AGREEMENT entered into as of this 21st day of June, <br />1977, by and between the City of Redlands, California, a municipal <br />corporation, hereinafter called "City" and the Redevelopment Agency <br />of the City of Redlands, California, hereinafter called "Agency"; <br />WHEREAS, the Agency is undertaking activities to complete <br />in the Redlands Redevelopment Project; and <br />WHEREAS, the Agency has an existing need for funding to <br />carry out certain project activities in the project area; and <br />WHEREAS, the City desires to assist the Agency in such need; <br />and <br />WHEREAS, the California Community Redevelopment Law authorizes <br />the City to make a loan to the Agency. <br />NOW, THEREFORE, BE IT RESOLVED, that the parties hereto do <br />mutually agree as follows; <br />1) Amount of Loan <br />The City agrees to loan the Agency an amount not to <br />exceed $1,000,000. Said loan shall be in addition to <br />any and all amounts heretofore loaned to the Agency. <br />2) Disbursement of Loan Proceeds <br />The City agrees to disburse loan proceeds to the Agency <br />upon receipt of a request in writing from the Agency. <br />The Agency agrees to use such proceeds only for the <br />purposes provided for under the State law and within <br />the Redlands Redevelopment Project Area. <br />3) Interest <br />The Agency agrees to pay the City an interest rate <br />equal to the yield on annual investments of the City <br />plus 1%, not to exceed 80. Interest payment to be <br />made quarterly on all funds borrowed. <br />4) Repayment <br />Repayment shall consist of all Tax Increments not re- <br />quired for bond service on outstanding bonds and <br />available to the Agency from the Redlands Redevelopment <br />Project Area. In the event that the Agency is not able <br />