HomeMy WebLinkAbout2001-12-11 - RESOLUTIONS - LOAN FROM BOUQUET B&TDIST (2)RESOLUTION NO. 01-160
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF SANTA CLARITA, CALIFORNIA
APPROVING A LOAN FROM THE BOUQUET CANYON
BRIDGE AND THOROUGHFARE DISTRICT TO
THE EASTSIDE BRIDGE AND THOROUGHFARE DISTRICT
IN THE AMOUNT OF $800,000.00
WHEREAS, there are sufficient funds in the Bouquet Canyon Bridge and
Thoroughfare District to make a loan in the amount of $800,000.00 to the Eastside Bridge
and Thoroughfare District; and
WHEREAS, the funds will be used to build a portion of Golden Valley Road; 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 hereby
resolve as follows:
SECTION 1. It is agreed that $800,000.00 from the Bouquet Canyon Bridge and
Thoroughfare District will be loaned to the Eastside Bridge and Thoroughfare District.
SECTION 2. The amount of the loan will be paid back at a future time when funds
in the amount of $800,000.00 are available to repay the loan to the Bouquet Canyon Bridge
and Thoroughfare District.
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 THIS 11th day of December 2001.
ATTEST:
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QLaDV—
CITY CLERK
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 11t° day of December 2001, by the
following vote:
AYES: COUNCILMEMBERS: Smyth, Weste, Darcy, Kellar, Ferry
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: None
CITY CLERK
FO:tw
council\ GVRacquisitionFunds.doc