HomeMy WebLinkAboutResolution No. 92-C071RESOLUTION NO. 92-C71
A RESOLUTION OF THE CITY OF AZUSA REQUESTING A LOAN FROM THE
LIGHT FUND TO THE WATER FUND FOR THE PURPOSES OF THE WATER
SERVICE PLAN
WHEREAS, the Water Fund of the City of Azusa is undertaldng certain actions
which are necessary and incidental to the carrying out of the Water Service Plan; and
WHEREAS, the Water Fund has incurred and will continue to incur obligations for
such purpose; and
WHEREAS, the Light Fund is authorized to make loans to other funds for the
purposes of defraying expenses;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Azusa
that:
SECTION 1. The Water Fund requests that the City Council of the City of Azusa
require that said loan be evidenced by a note of the Water Fund containing the following
terms, in addition to all usual and customary terms:
INTEREST PLEDGED REVENUE
LOAN AMOUNT RATE TERM BORROW FROM SOURCES
$1,000,000 5% 20 Yrs Light Fund Water Revenues
(a) Note is effective June 30, 1992
(b) Payments shall be made annually on or before June 30 of each year, beginning June
30, 1993 in installments of $50,000 plus interest
SECTION 2. The Mayor of the City is hereby authorized and directed to execute,
on behalf of the Water Fund, the Note to the Light Fund in accordance with the provisions
of Section 1 hereof.
PASSED AND ADOPTED this 15th day of JUNE, 1992.
I HEREBY CERTIFY that the foregoing resolution was duly adopted by the City of
Azusa at a regular meeting thereof, held on the 15th day of JUNE, 1992.
AYES: COUNCILMEMBERS: DANGLEIS, MADRID, ALEXANDER, MOSES
NOES: COUNCILMEMBERS NONE
COUNCILMEMBERS: NARANJO
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CITY OF AZUSA
NOTE SECURED BY WATER REVENUE
AZUSA, CALIFORNIA : JUNE 30, 1992
For value received, the undersigned City of Azusa Water Fund promises to pay to the City of
Azusa Light Fund, on order at Azusa, California, the sum of One Million Dollars ($1,000,000)
with interest at the rate of five (5%) percent, Payments are payable annually in installments
of $50,000 plus interest on June 30, beginning June 30, 1993. The Note is secured by Water
Revenue. This Note is effective June 30, 1992.
This Note is issued in connection with the provision of funds to (mance Water Fund activities.
WATER FUND OF THE
CITY OF AZUSA