HomeMy WebLinkAbout2019-05-28 - RESOLUTIONS - APPROVING A LOAN FROM THE FACILITIES FUND TO THE E (2)RESOLUTION NO. 19-21
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SANTA CLARITA, CALIFORNIA, APPROVING A LOAN FROM THE
FACILITIES FUND TO THE EASTSIDE BRIDGE & THOROUGHFARE
DISTRICT IN THE AMOUNT OF $2,000,000
WHEREAS, there are sufficient funds in the City of Santa Clarita (City) Facilities
Fund to make a loan in the amount of $2,000,000 to the Eastside Bridge & Thoroughfare
District; and
WHEREAS, the funds will be used for the onsite construction of the new Santa
Clarita Valley Sheriff's Station, which includes the main station building, detention facility,
helipad, vehicle maintenance building, visitor parking, staff parking, generator, fuel station, wet
utilities, dry utilities, radio antenna tower, perimeter walls, landscaping, furnishings, fixtures, and
equipment.
NOW, THEREFORE, the City Council of the City of Santa Clarita, California, does
hereby resolve as follows:
SECTION 1. It is agreed that $2,000,000 from the City's Facilities Fund will be
loaned to the Eastside Bridge & Thoroughfare District.
SECTION 2. The amount of the loan will be paid back at a future time when funds in
the amount of $2,000,000 are available to repay the loan back to the City's Facilities 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 May 2019.
ATTEST:
CITY CLERK
DATE: Le ( C)l C
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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 the
foregoing Resolution No. 19-21 was duly adopted by the City Council of the City of Santa
Clarita at a regular meeting thereof, held on the 28th day of May 2019, by the following vote:
AYES: COUNCILMEMBERS: Miranda, Smyth, Weste, Kellar, McLean
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: None
CITY CLERK
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