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RESOLUTION NO. 892 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE, CALIFORNIA AUTHORIZING THE INCURRING OF INDEBTEDNESS AND PLEDGING OF COLLATERAL IN ORDER TO OBTAIN ADDITIONAL FUNDING FOR THE NEIGHBORHOOD STABILIZATION PROGRAM. WHEREAS, the Redevelopment Agency of the City of Riverside (the "Agency") was established in 1967 pursuant to the California Community Redevelopment Law, being Health and Safety Code Section 33000, et seq. (the "Act"); and WHEREAS, the Agency is authorized under the Act to borrow money from, and pledge collateral to, any private lending institution for any authorized purpose; and WHEREAS, the Agency has previously authorized and approved its Neighborhood Stabilization Program and having obtained federal funding for said Program now desires to increase the funding available for said Program by borrowing up to twenty million dollars ($20,000,000) and providing the required collateral for said loan with City National Bank; NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the City of Riverside, California, as follows: Section 1: The Agency hereby approves and authorizes the incurring of indebtedness and borrowing of up to twenty million dollars ($20,000,000) from City National Bank, and providing the required collateral and granting of security interests and pledges in the property of the Agency as may be required by City National Bank to secure said borrowing, for the specific purpose of providing additional financing for the Neighborhood Stabilization Program. Section 2: The Agency hereby authorizes Paul Sundeen, its Treasurer, and/or Brent Mason, its Assistant Treasurer, to execute, enter into, and deliver with respect to said indebtedness and borrowing, deposit, fund transfer, brokerage, investment, cash management, withdrawal, disbursement, security and/or pledge agreements, and any other agreements or documents required in conjunction therewith, and all renewals, extensions or modifications thereof.