HomeMy WebLinkAbout2002-06-25 - RESOLUTIONS - B&TDIST EASTSIDE BRIDGE (4)RESOLUTION NO. 02-106
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 $1,400,000
WHEREAS, there are sufficient funds in the General Fund to make a loan in the
amount of $1,400,000 to the Eastside B&T District; and
WHEREAS, the funds will be used to build the 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 $1,400,000 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 $1,400,000 are available to repay the loan back to the General Fund.
SECTION 8. 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 25th day of June, 2002.
ATTEST:
W. a ., Mi" v
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 day 25th day of June, 2002, by the following vote:
AYES: COUNCILMEMBERS: Smyth, Weste, McLean, Kellar, Ferry
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: None
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Council\ YE Adjustmente.doc