HomeMy WebLinkAbout2009-06-23 - RESOLUTIONS - VALENCIA B&TDIST LOAN APPROVAL (2)RESOLUTION NO. 09-60
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SANTA CLARITA, CALIFORNIA, APPROVING A LOAN FROM THE
VALENCIA BRIDGE AND THOROUGHFARE DISTRICT TO THE
EASTSIDE BRIDGE AND THOROUGHFARE DISTRICT IN AN
AMOUNT NOT TO EXCEED $13,100,000
WHEREAS, there are sufficient funds in the Valencia Bridge and Thoroughfare District
to make a loan in an amount not to exceed $13,100,000 to the Eastside Bridge & Thoroughfare
District; and
WHEREAS, the funds will be used to repay the loans from the General Fund, Developer
Fees Fund, and Self Insurance Fund to the Eastside Bridge and Thoroughfare District, and to
payoff City -Owned Credits.
NOW, THEREFORE, the City Council of the City of Santa Clarita does hereby resolve as
follows:
SECTION 1. The foregoing recitals are true and correct, and the City Council hereby so
finds and detennines.
SECTION 2. It is agreed that an amount not exceeding $13,100,000 from the Valencia
Bridge & Thoroughfare will be loaned to the Eastside Bridge & Thoroughfare District.
SECTION 3. The amount of the loan will be paid back at a future time when funds are
available to repay the loan back to the Valencia Bridge & Thoroughfare District.
SECTION 4. The loan will be paid back at an interest rate equivalent to the yield of the
average monthly investment portfolio.
SECTION 5. The City Clerk shall certify to the adoption of this Resolution.
PASSED, APPROVED AND ADOPTED this 23rd day ofM2U.
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MAYOR
ATTEST:
CITY CL-ERIL _ �.
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss.
CITY OF SANTA CLARITA )
I, Sharon L. Dawson, MMC, 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 23rd day of June, 2009, by the following vote:
AYES: COUNCILMEMBERS: Ender, Kellar, Weste, McLean, Ferry
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. 09-60, adopted by the City Council of the City of
Santa Clarita, California on June 23, 2009, 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, MMC
City Clerk
By
Susan Caputo, CMC
Deputy City Clerk
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