HomeMy WebLinkAbout1999-12-14 - RESOLUTIONS - LOAN EASTSIDE B&TDIST (2)RESOLUTION NO. 99-195
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 $2,700,000
WHEREAS, there are sufficient funds in the General Fund to make a loan in the
amount of $2,700,000 to the Eastside B&T District; and
WHEREAS, the funds will be used to build the portion of Golden Valley Road south
of Via Princessa in conjunction with the City of Santa Clarita and the William S.
Hart High School District Golden Valley Road Project Phase I; and
WHEREAS, the loaned funds will be used exclusively for the construction of Golden
Valley Road.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA CLARITA
does resolve as follows:
SECTION 1. It is agreed that $2,700,000 from the General Fund will be loaned to
the Eastside B&T District.
SECTION 2. The amount of the loan will be paid back at a future time when funds
in the amount of $2,700,000 are available to repay the loan back to the General
Fund.
SECTION 3. The loan will be paid back at an interest rate equivalent to the yield of
the average monthly investment portfolio.
PASSED, APPROVED AND ADOPTED THIS14th day of December 1999.
MAYOR
ATTEST:
CITY CLERK
RESOLUTION NO. 99-195
Page 2
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES) ss
CITY OF SANTA CLARITA )
I, Sharon L. Dawson, 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 day 14thof December 1999 by
the following vote of the Council:
AYES: COUNCILMEMBERS: Weste, Klaiic, Heidt, Ferrv, Darcv
NOES: COUNCILMEMBERS : None
ABSENT: COUNCILMEMBERS : None
CITY CLERK
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