HomeMy WebLinkAbout1988-01-14 - RESOLUTIONS - TRANS WORLD BANK NOTE (2)RESOLUTION NO. 88-2
A RESOLUTION OF THE CITY COUNCIL OF THE
^ CITY OF SANTA CLARITA, CALIFORNIA
AUTHORIZING THE ISSUANCE OF A NOTE OR
NOTES TO TRANS -WORLD BANK PURSUANT TO
GOVERNMENT CODE SECTIONS 53850 ET SEQ.
WHEREAS, the City of Santa Clarita desires to
borrow money to be used for purposes which are authorized by
law, including but not limited to current expenses, capital
expenditures, and the discharge of any obligation or
indebtedness of the local agency.
WHEREAS, the City of Santa Clarita expects that
Five Hundred Fifty Thousand Dollars ($550,000.00) represents
less than eighty-five percent of the estimated amount of
uncollected taxes, income, revenue, cash receipts, and other
money which will be available for the payment of the note or
notes and any interest thereon.
NOW, THEREFORE, BE IT RESOLVED that the City of
Santa Clarita, a municipal corporation, borrow from Trans -
World Bank, hereinafter referred to as "Bank" from time to
time, such sum or sums of money as in the judgment of the
officer or officers hereinafter authorized, the City of
Santa Clarita may require; provided that the aggregate
amount of such borrowing, pursuant to this Resolution, shall
not at any one time exceed Five Hundred and Fifty Thousand
and 00/100 Dollars ($550,000.00), in addition to such amount
as may be otherwise authorized in a separate resolution.
RESOLVED FURTHER, that such indebtedness shall be
represented by a note or notes issued to the lender, Trans -
World Bank, pursuant to Government Code Section 53850 et
seq. The money borrowed may be used and expended by the
City of Santa Clarita for any purpose which the City is
authorized to expend monies, including but not limited to
current expenses, capital expenditures, and the discharge of
any obligation or indebtedness of the City.
RESOLVED FURTHER, that any such note or notes
pursuant to this Resolution shall be payable not later than
the last day of the fiscal year in which it is issued,
provided that such note or notes may be payable during the
fiscal year succeeding the fiscal year in which issued, but
in no event later than fifteen (15) months after the date of
issue.
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RESOLVED FURTHER, that such note or notes pursuant
to this Resolution may bear interest not to exceed ten (10)
percent per annum.
!" RESOLVED FURTHER, that
Howard McKeon , the Mayor
and F Fredri k Bien , the Treasurer
or E. Fredrick Bien , the City Manager
and Jan Heidt , the Mayor Pro Tem
of the City of Santa Clarita (the of
officers acting in combination, autl
hereto being hereinafter designated C
officers"), be and they are hereby C %�
empowered, in the name of the City, U
to Bank, and Bank is requested to a /jam
with interest as provided in this F ., Cr (, "A-C-)
RESOLVED FURTHER, that Bar
upon this Resolution until written
is delivered to Bank, and that the
shall apply with equal force and e.
office of the officers herein name
this Resolution, authorized signat
AUTHORIZED SIGNATURES:
L j- --
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Mayor �`--
14
reasurer
City Manager `
Mayor Pro Tem
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PASSED, APPROVED AND ADOPTED this 14th day of
January , 1988.
Ia/
I, E. Frederick Bien , Clerk of the City of
Santa Clarita, a municipal corporation, incorporated under
the laws of the State of California, do hereby certify that
the foregoing is a full, true and correct copy of the
Resolution of the City Council of the City of Santa Clarita,
duly and regularly passed and adopted at a meeting of the
City Council of the City of Santa Clarita which was duly and
regularly called and held in all respects as required by
law, and by the Ordinances of the City, at the office
thereof, on the 14th day ofJanuary 19M, at
which meeting a majority of the City Council of the City of
Santa Clarita was presented and voted in favor of the
Resolution.
I further certify that the Resolution is still in
full force and effect and has not been amended or revoked
and that the specimen signatures appearing below are the
signatures of the officers authorized to sign for the City
of Santa Clarita by virtue of this Resolution.
IN WITNESS WHEREOF, I have hereunto set my hand as
such Clerk, and affixed the seal of the City this 15th day
Of January , 1988.
A 1
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City -Clerk
City of Santa Clarita
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CERTIFY THAT THE ABOVE DEMANDS ARE ACCURATE AND 1•HAT FUNDS ARE
AVAILABLE FOR THE PAYMENT.
I CERFIFY UNDER PENALTY OF PERJURY THAT THE FOREGOING IS
TRUE AND CORRECT.
EXECUTED THE 11th DAY OF JANUARY 1988
AT THE CITY OF SANTA CLARITA, CA