HomeMy WebLinkAbout2007-12-11 - RESOLUTIONS - EASTSIDE B&TDIST LOAN (3)RESOLUTION NO. 07-88
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 $1,000,000
WHEREAS, there are sufficient funds in the General Fund to make a loan in the amount
of $1,000,000 to the Eastside B&T District; and
WHEREAS, the funds will be used to purchase outstanding B&T credits; and
NOW, THEREFORE, the City Council of the City of Santa Clarita does hereby resolve as
follows:
SECTION 1. It is agreed that $1,000,000 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 $1,000,000 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.
SECTION 4. The City Clerk shall certify to the adoption of this Resolution.
PASSED, APPROVED AND ADOPTED this 1 Ith day of December, 2007.
ATTEST:
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CITY CLERK'f '
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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 11 th day of December, 2007, by the following vote:
AYES: COUNCILMEMBERS: Weste, Ferry, McLean, Boydston, Kellar
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: None
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CITY CLERK
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STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss.
CITY OF SANTA CLARITA )
CERTIFICATION OF
CITY COUNCIL RESOLUTION
I, Sharon L. Dawson, City Clerk of the City of Santa Clarita, do hereby certify that this is a true
and correct copy of the original Resolution No. 07-88, adopted by the City Council of the City of
Santa Clarita, California on December 11, 2007, which is now on file in my office.
Witness my hand and seal of the City of Santa Clarita, California, this day of.
, 20 .
Sharon L. Dawson, CMC
City Clerk
By
Susan Caputo
Deputy City Clerk