HomeMy WebLinkAboutCity Council Resolution 2345 52-100 WMAM:PDA:Cfl 05/14/86
2345
RESOLUTION NO.
A RESOLUTION CREATING A REVOLVING FUND
CITY OF SARATOGA
PARKING DISTRICT NO. 3
RESOLVED, by the City Council of the City of Saratoga,
California, that
WHEREAS, the City of Saratoga is considering initiation of
proceedings for doing work and making public improvements for the
project designated as Parking District No. 3 pursuant to the Municipal
Improvement Act of 1913, Division 12 of the Streets and Highways Code of
the State of California, with bonds to be issued upon the unpaid
assessments pursuant to the Improvement Bond Act of 1915, Division 10 of
said Streets and Highways Code;
WHEREAS, Section 10210 of said Municipal Improvement Act of 1913
provides that this Council, to expedite the conduct of proceedings and
the making of any acquisition or improvement, may at any time advance
out of any money in any available fund such sums as it deems necessary
and that any sums so transferred are a loan and sha l I be repaid out of
the proceeds of any assessments levied;
WHEREAS, Title 4, Division 4, Chapter 3, Article 2 of the
Government Code of the State of California provides for the creation of
revolving funds in connection with proceedings had for the purposes
therein set forth; and
WHEREAS, the public convenience and necessity will be served by
creating a revolving fund in connection with said proceedings;
NOW, THEREFORE, IT IS ORDERED, as follows:
1. A revolving fund, to be known as the City of Saratoga Parking
District No. 3 Revolving Fund, is hereby created and shall be
maintained.
2. The sum of $ 5,000 , and such other sums as the Council
may hereafter order, shall be transferred from the general fund or from
other available funds of the City to said revolving fund.
3. The monies in said revolving fund shall be expended for the
cost of acquisition and improvements, including the costs and expenses
incidental thereto, of the said Parking District No. 3, as the funds are
required therefor.
4. Said revolving fund shall be reimbursed, together with
interest at the rate of nine percent ( 9 %) per annum, from the
assessments to be collected and the proceeds of the bonds to be issued
and sold in said proposed assessment proceedings. and from such other
sources as the City shall hereafter determine.
5. When the purposes for which said revolving fund is created
have been fully accomplished, all monies remaining therein shall be
returned to the general fund or to such other funds from which transfers
were made to said revolving fund, and said revolving fund shall then be
discontinued-
6. A certified copy of this resolution shall be filed in the
office of the City Treasurer.
I hereby certify that the foregoing is a full, true and correct
copy of Resolution duly passed and adopted by the City Council of the
City of Saratoga, California, at a meeting thereof held on the 4th day
of June , 1986, by the following vote of the members thereof:
AYES, and in favor thereof, Councilmembers:
Councils Callon, Fanelli, Hlava, F~yles and Mayor Clevenger
NOES, Councilmembers:
None
ABSENT, Councilmembers:
None
City Clerk of the City~f Saratoga
APPROVED:
Mayor