HomeMy WebLinkAbout2016-06-28 - RESOLUTIONS - EASTSIDE BRIDGE DISTRICT (2)RESOLUTION NO. 16-46
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SANTA CLARITA, CALIFORNIA, APPROVING A LOAN
FROM THE GENERAL FUND TO THE EASTSIDE BRIDGE AND THOROUGHFARE
DISTRICT IN THE AMOUNT OF $3,000,000
WHEREAS, there are sufficient funds in the City's General Fund to make a loan in the
amount of $3,000,000 to the Eastside Bridge & Thoroughfare District; and
WHEREAS, the funds will be used for the design of mass grading plans, buttress fill,
survey, topography, complete roadway design and signals for the future intersections of Via
Princessa at Rainbow Glen, and Via Princessa at Golden Valley Road for the extension of Via
Princessa.
NOW, THEREFORE, the City Council of the City of Santa Clarita does hereby resolve
as follows:
SECTION 1. It is agreed that $3,000,000 from the City's General Fund will be loaned to
the Eastside Bridge and Thoroughfare District.
SECTION 2. The amount of the loan will be paid back at a future time when funds in the
amount of $3,000,000 are available to repay the loan back to the City's General Fund.
SECTION 3. The loan will be paid back at an interest rate equivalent to the yield of the
average monthly investment portfolio.
SECTION 4. The City Clerk shall certify to the adoption of this Resolution.
PASSED, APPROVED AND ADOPTED this 28th day of June, 2016.
M YOR
ATTEST:
CITY CLERK
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss.
CITY OF SANTA CLARITA )
I, Kevin Tonoian, City Clerk of the City of Santa Clarita, do hereby certify that the foregoing
Resolution was duly adopted by the City Council of the City of Santa Clarita at a regular meeting
thereof, held on the 28th day of June 2016, by the following vote:
AYES: COUNCILMEMBERS: McLean, Boydston, Weste, Acosta, Kellar
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: None
&Y� CLERK
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