HomeMy WebLinkAbout2003-06-24 - RESOLUTIONS - LOAN TO EASTSIDE B&TDIST (2)RESOLUTION NO. 03-84
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SANTA CLARITA, CALIFORNIA, APPROVING A
LOAN FROM THE DEVELOPER FEE FUND TO THE
EASTSIDE BRIDGE AND THOROUGHFARE DISTRICT
IN THE AMOUNT OF $5,000,000
WHEREAS, there are sufficient funds in the Developer Fee Fund to make a loan in the
amount of $5,000,000 to the Eastside B&T District; and
WHEREAS, the funds will be used to build a portion of the Golden Valley Road/Soledad
Interchange; and
WHEREAS, the loaned funds will be used exclusively for the construction of Golden
Valley Road/Soledad Interchange.
NOW, THEREFORE, the City Council of the City of Santa Clarita does hereby resolve
as follows:
SECTION 1. It is agreed that $5,000,000 from the Developer Fee 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 $5,000,000 are available to repay the loan back to the Developer Fee Fund.
SECTION 3. The loan will be paid back at an interest rate equivalent to the yield of the
average monthly investment portfolio.
SECTION 4. The City Clerk shall certify to the adoption of this Resolution.
PASSED, APPROVED AND ADOPTED this 24th day of June, 2003.
ATTEST:
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 24th day of June, 2003, by the following vote:
AYES: COUNCILMEMBERS: Ferry, McLean, Kellar, Weste, Smyth
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: None
CITY CLERK