HomeMy WebLinkAboutResolution No. 01-C002E
RESOLUTION NO.0-1----r,2
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A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF AZUSA
AUTHORIZING THE LOAN OF FUNDS FROM SPECIAL FUNDS TO THE
CITY'S CAPITAL IMPROVEMENTS PROJECT FUND
WHEREAS, the City of Azusa (the "City") has a number of special funds separate
and apart from its capital projects fund; and
WHEREAS, there are funds available for loan and investment in a number of these
special funds; and
WHEREAS, the City desires to invest monies from these special funds by lending
them to the capital improvements project fund.
NOW, THEREFORE, the City Council of the City of Azusa does hereby resolve as
follows:
Section 1. The City Council hereby approves a loan of surplus funds in the
following special fund to the City's capital improvements project fund in the amounts
specified below:
Light Fund : Amount of Loan $750,000;
Section 2. The City Council hereby orders that the loan from the special fund
identified in Section 1 of this Resolution to the capital improvements project fund shall be
repaid as follows:
On or before July 1 of 2006 the City shall cause each special fund to be repaid in the
amount of75$ 0 000 of the principal sum borrowed from that special fund, plus interest at
the current rate of a one year Treasury Bill, based on the outstanding balance of the loan
from that special fund; provided, however, that any of the loans from the special funds to
the capital improvements project fund shall become immediately due and payable if the
City Council determines that the money lent from a special fund is needed to pay for
obligations of that special fund as such obligations may arise by operation of fact or law.
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ADOPTED this 16' day of January.
CITY OF
Mayor
I hereby certify that the foregoing resolution was duly adopted by the City Council of the
City of Azusa at a regular meeting thereof held on the 16" day of January 2001.
by the following vote of the Council:
AYES: COUNCILMEMBERS: HARDISON, STANFORD, ROCHA, MADRID
NOES: COUNCILMEMBERS: BEEBE
ABSENT: COUNCILMEMBERS: NONE
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DEPUTY CITY CLERK