HomeMy WebLinkAbout2010-11-23 - RESOLUTIONS - BOUGUET B&TDIST LOAN (2)RESOLUTION NO. 10-90
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SANTA CLARITA, CALIFORNIA, APPROVING A LOAN FROM THE
BOUQUET CANYON SECOND ACCESS BRIDGE AND THOROUGHFARE FUND
TO THE BOUQUET CANYON BRIDGE AND THOROUGHFARE
DISTRICT IN THE AMOUNT OF $2,000,000
WHEREAS, the Golden Valley Road Bridge Over the Santa Clara River, Project 54013,
is the final segment of new roadway construction to complete the construction of the Cross
Valley Connector east -west corridor; and
WHEREAS, the City successfully secured significant federal funds to construct the
roadway reducing the City's need to utilize local funds; and
WHEREAS, the federal earmark from the Transportation, Treasury, Independent
Agencies, and General Government Appropriations Act 2005, National' Cor fidor-Planning and
Border Development Program, allocated $4,725,000 towards the project; and
WHEREAS, the requirement to secure these funds was to obtain -a ;Notice of
Authorization to Proceed by September 30, 2008, created a need to accelerate funding the
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project; and
WHEREAS, the Bouquet Canyon Second Access Bridge and Thoroughfare (B&T) Funds
in the amount of $2,000,000 were identified as eligible and available to use for the roadway
const'ructi'on;' and
WHEREAS, the Bouquet Canyon Second Access B&T Funds have since been deemed
ineligible for construction of the roadway; and
WHEREAS, the funds have been used for construction of the Golden Valley Road Bridge
over the Santa Clara River; and
WHEREAS, adequate funding in the Bouquet Canyon B&T District to fund the
expenditures is not currently available; the Bouquet Canyon Second Access B&T Funds will loan
the sum of $2,000,000 to the Bouquet Canyon B&T District.
NOW, THEREFORE, the City Council of the City of Santa Clarita does hereby resolve as
follows:
SECTION 1. It is agreed that $2,000,000 from the Bouquet Canyon Second Access
B&T Funds will be loaned to the Bouquet Canyon B&T District.
SECTION 2. The loan will be repaid at a future date when funds in the amount of
$2,000,000 are available in the Bouquet Canyon B&T District.
SECTION 3. The loan will be paid back at an interest rate equivalent to the yield of the
average monthly investment portfolio.
SECTION 4.. I The City Clerk shall certify to the adoption of this Resolution.
PASSED, API.?ROVED AND ADOPTED this 23rd day of November, 2010.
MAYOR
ATTEST:
1
AVG- ` ' Vim -.1 I
CITY CLERK -
DATE:
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES ss.
CITY OF SANTA CLARITA
-1, Sarah P. Gorman, 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 November, 2010, by the following vote:
AYES: COUNCILMEMBERS: Kellar, McLean, Ferry, Ender, Weste
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: None
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CITY CLERK
11
1
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss.
CITY OF SANTA CLARITA )
CERTIFICATION OF
CITY COUNCIL RESOLUTION
City Clerk of the City of Santa Clarita, do hereby
certify that this is a true and correct copy of the original Resolution No. 10-90, adopted by the
City Council of the City of Santa Clarita, California on November 23, 2010, which is now on file
in my office.
Witness my hand and seal of the City of Santa Clarita, California, this _ day of 2010
City Clerk
By
Deputy City Clerk