HomeMy WebLinkAbout1984-08-21; City Council; Resolution 77111
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RESOLUTION NO. 7711
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF CARLSBAD, CALIFORNIA, APPROVING A LOAN TO THE REDEVELOPMENT AGENCY FOR INSTALLATION OF
THE CENTRAL BUSINESS DISTRICT STORMDRAIN AND AUTHORIZING TRANSFER OF FUNDS
WHEREAS, the City Council of the City of Carlsbad, California,
as considered the request for a loan up to but not to exceed
802,125 to the Redevelopment Agency for the purpose of
onstructing the Central Business District Stormdrain; and
WHEREAS, the City Council of the City of Carlsbad, California,
as ascertained that construction of the Central Business District
tormdrain is acceptable debt of the Redevelopment Agency;
NOW, THEREFORE, BE IT RESOLVED, by the City Council of
'ity of Carlsbad, California as follows:
1. A loan up to but not to exceed $802,125 to the
Redevelopment Agency is hereby agproved for the so
the
e
purpose of constructing a Central Business District
Stormdrain.
2. The Redevelopment Agency shall agree to repay the loan
from tax increment at an annual interest rate of 10%.
3. The Finance Director is hereby authorized and directed
to make the transfer of funds.
PASSED, APPROVED, AND ADOPTED at a regular meeting of the
:ity Council of the City of Carlsbad held on 21St day of Auwt ,
-984, by the following vote, to wit:
AYES : Council Pknhers Caszer, Lewis, Kulchin and Prescott
NOES: "e
ABSENT: Council Mmker Chick
iTTEST :
uk m(Lc*sk_khp, iLETHA L. RAUTENKRANZ , City dlerk