HomeMy WebLinkAbout1998-12-08 - RESOLUTIONS - GEN FUND LOAN TMF GRANT MATCH (2)RESOLUTION 98-147
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF SANTA CLARITA
AUTHORIZING A LOAN OF $200,000
FROM THE GENERAL FUND
TO THE TRANSIT ENTERPRISE FUND
TO BE USED AS A GRANT MATCH
FOR THE TRANSIT MAINTENANCE FACILITY
WHEREAS, the City's Transit Division is pursuing grants to fund construction of a
Transit Maintenance Facility. These funds require the City to provide a local match
to these funds. The estimated need for Fiscal Year 1998-99 is $200,000. The
Transit Enterprise Fund does not have sufficient funds available to fulfill this need.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA CLARITA
does resolve as follows: .
SECTION 1: In consideration of the foregoing, the City Council hereby authorizes a
loan from the City's General Fund to the Transit Enterprise Fund in the amount of
$200,000. Such loan shall be repaid in full to the General Fund from the Transit
Enterprise Fund from future Transit revenues. In addition, the Transit Enterprise
Fund will make interest payments to the General Fund at a rate equal to the prime
rate, compounded annually. "Prime rate" used herein shall mean the prime rate of
interest quoted in the greater Los Angeles area as of July 1 of each calendar year
during the term thereof
SECTION 2: The City Clerk shall certify to the adoption of this Resolution.
PASSED, APPROVED AND ADOPTED THIS fth day of December
1998.
ATTEST:
o.,
CITY CLERK
RESOLUTION 98-147
December 8, 1998 - Page 2
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES )ss
CITY OF SANTA CLARITA
I, Sharon L. Dawson, CMC. 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 eqth day of
T-�,,��,mh,-r —, 1998, by the following vote of the Council:
AYES: COUNCILMEMBERS: KlEjic, Fcidt, Fcrry, TAT,,7�-�tc, DFrcy
NOES: COUNCILMEMBERS: Tvone
ABSENT: COUNCILMEMBERS: Monc
VLV-U� x awv-u�
CITY CLERK
.�I\.W147