HomeMy WebLinkAbout2017-01-10 - RESOLUTIONS - LOAN TO THE VALENCIA B&TDIST (2)RESOLUTION NO. 17-03
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SANTA CLARITA, CALIFORNIA, APPROVING A LOAN
FROM THE GENERAL FUND TO THE
VALENCIA BRIDGE & THROUGHFARE DISTRICT
IN THE AMOUNT OF $3,50000
WHEREAS, there are sufficient funds in the City of Santa Clarita's (City) General Fund
to make a loan in the amount of $3,500,000 to the Valencia Bridge and Thoroughfare District;
and
WHEREAS, the funds will be used for the widening of the Newhall Ranch Road Bridge
over the San Francisquito Creek from six to eight travel lanes.
NOW, THEREFORE, the City Council of the City of Santa Clarita does hereby resolve
as follows:
SECTION 1. It is agreed that $3,500,000 from the General Fund will be loaned to the
Valencia Bridge and Thoroughfare District.
SECTION 2. The Los Angeles County Westside Bridge and Thoroughfare District will
reimburse the City $3,500,000 towards the construction of the Newhall Ranch Road Bridge over
the San Francisquito Creek, Project S1039, payable in separate installments over an eight-year
period:
January 2017
$439)934
June 2017
$3685724
June 2018
$368,724
June 2019
$368,724
June 2020
$3685724
June 2021
$368,724
June 2022
$3681724
June 2023
$368,724
June 2024
$368,724
June 2025
$1101274
SECTION 3. The amount of the loan will be paid back upon receipt of installment
payments from Los Angeles County.
SECTION 4. The loan will be paid back at an interest rate equivalent to the yield of the
average monthly investment portfolio.
SECTION 5. Interest payments on the loan will be paid from the Valencia Bridge &
Thoroughfare District's available funds.
SECTION 6. Prepayment penalty shall not apply if the loan balance is prepaid in whole
(100 percent) or in part.
SECTION 7. The City Clerk shall certify to the adoption of this Resolution.
PASSED, APPROVED, AND ADOPTED this l 0th day of January 2017.
MAYOR
ATTEST:
CITY CLERK
DATE: Z
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss.
CITY OF SANTA CLARITA )
I, Mary Cusick, City Clerk of the City of Santa Clarita, do hereby certify that foregoing
Resolution No. 17-03 was duly adopted by the City Council of the City of Santa Clarita at a
regular meeting thereof, held on the 10th day of January 2017, by the following vote:
AYES:
COUNCILMEMBERS :
Weste, McLean, Kellar, Smyth
NOES:
COUNCILMEMBERS :
None
ABSENT:
COUNCILMEMBERS :
None
CITY CLERK