HomeMy WebLinkAbout2015-06-23 - RESOLUTIONS - LOAN VALENCIA BRIDGE (2)' RESOLUTION NO. 15-48
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SANTA CLARITA, CALIFORNIA, APPROVING A LOAN
FROM THE GENERAL FUND TO THE VALENCIA BRIDGE AND THOROUGHFARE
DISTRICT IN THE AMOUNT OF $400,000
WHEREAS, there are sufficient funds in the City of Santa Clarita's General Fund to
make a loan in the amount of $400,000 to the Valencia Bridge & Thoroughfare District; and
WHEREAS, the funds will be used to acquire the right-of-way for the project that will
design and widen the Newhall Ranch Road Bridge over the San Francisquito Creek.
NOW, THEREFORE, the City Council of the City of Santa Clarita (City) does hereby
resolve as follows:
SECTION 1. It is agreed that $400,000 from the City's General Fund will be loaned to
the Valencia Bridge and Thoroughfare District.
SECTION 2. The amount of the loan will be paid back at a future time when funds in the
amount of $400,000 are available to repay the loan back to the City's General Fund.
' SECTION 3. The loan will be paid back at an interest rate equivalent to the yield of the
average monthly investment portfolio.
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SECTION 4. The City Clerk shall certify to the adoption of this Resolution.
PASSED, APPROVED, AND ADOPTED this 23rd day of June, 2015.
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss.
CITY OF SANTA CLARITA )
I, Kevin Tonoian, 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 2015, by the following vote:
/:V%W
NOES
COUNCILMEMBERS: Kellar, Boydston, Weste, Acosta, McLean
COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: None