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'- . . . . RESOLUTION NO. 75-8 PAGE TWO property taxes for the fiscal year 1974-1975 shall be prorated to the close of escrow, and the Agency will pay in full the escrow fee, the cost of the policy of title insurance, and all other incidental expenses related to the purchase of said real property. BE IT FURTHER RESOLVED that said property shall be purchased with cash through escrow, as provided from the City of Santa Ana City Council-Redevelopment Agency Revolving Fund 109-134. BE IT FURTHER RESOLVED that the Agency hereby confirms that the monies disbursed from the City of Santa Ana City Council-Redevelopment Agency Revolving Fund for the purchase of said properties is hereby declared to be a loan by the City of Santa Ana to the Redevelopment Agency, and the Agency hereby confirms its agreement to pay the amount of said loan to the City of Santa Ana according to the terms and conditions of that certain agreement dated March 12, 1973, between the City of Santa Ana and the Community Redevelopment Agency of the City of Santa Ana which provides that budgetary appropriations made by the City to the Agency shall be considered a loan to the Agency from the City and shall be repaid by the Agency at such time as the Agency is able to repay said loan with interest at seven percent per annum. BE IT FURTHER RESOLVED that Community Redeve10pment Agency Resolution No. 75-7 is hereby confirmed in its entirety except as amended herein, PASSED AND ADOPTED by the Community Redevelopment Agency of the City of Santa Ana at its ~ meeting held on the ~ day of March , 1975. ATTEST: VE ;e2/ d/~ RICHARD GOBLIRSCH, Executive Director and Recording Secretary APPROVED AS TO LEGAL FORM: