HomeMy WebLinkAbout1987-403
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RESOLUTION NO.
87'"""403
2 RESOLUTION OF THE CITY OF SAN BERNARDINO REGARDING
REPAYMENT OF AMOUNTS DUE TO THE GENERAL FUND FROM THE PARKING
3 DISTRICT FUND, ESTABLISHING AN ANNUAL PAYBACK ARRANGEMENT
INCLUDING INTEREST, AND ESTABLISHING A FUND FOR FUTURE PARKING
4 D I STRICT NEEDS.
5 BE IT RESOLVED BY THE MAYOR AND COMMON COUNCIL OF THE CITY
OF SAN BERNARDINO AS FOLLOWS:
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SECTION 1. The Mayor and Common Council of the City of San
8 Bernardino hereby order and direct that the amount of $314,998.66
9 be transferred from the Parking District Fund to the General Fund
10 to be applied to the amount owed to the General Fund by the
11 Parking District Fund which amount originally owed is
12 $731,129.00.
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SECTION 2. The Mayor and Common Council of the City of San
14 Bernardino do hereby direct that any amounts assessed from the
15 "secondary roll" for parking district expansion, and the
16 $8,100.00 per year that was initially established for the purpose
17 of leasing parking from the Masonic Temple be annually applied
18 toward the amount owed to the General Fund by the Parking
19 District Fund.
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SECTION 3. The Mayor and Common Council of the City of San
21 Bernardino do hereby direct that the remaining amount owed to the
22 General Fund after the transfer directed in Section 1 above, be
23 retired in seven years by means of an increase in the "secondary
24 roll" for parking expansion, and that an interest rate of 9% per
25 annum be charged on the unpaid balance.
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SECTION 4. The Mayor and Common Council of the City of San
27 Bernardino do hereby direct that the interest received from
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Section 3 above and any unobligated income from leases within the
Parking District be reserved in a capital improvement development
account within the Parking District Fund for future parking
needs.
I HEREBY CERTIFY that the foregoing resolution was duly
adopted by the Mayor and Common Council of the City of San
regular
meeting thereof,
Bernardino at a
8 held on the
16th day of
November
, 1987, by the
9 following vote, to wit:
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Estrada, Reilly, Flores,
Council Members
AYES:
Maudsley, Minor, Miller
None
NAY S :
Council Member Pope-Ludlam
ABSENT:
...!~a/>?~/ ~~
./ Ci ty Clerk
/71,1
tA:...
The foregoing resolution is hereby approved this
day
November
, 1~.87.
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_ .- 7.
."./ I /' / .'
:P~..i'-+--.J dh l-c& p-~
Mayor of the City of San Be"rnardino
of
21 Approved as to form
and legal content:
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