HomeMy WebLinkAbout2006-11-21; Public Financing Authority; Resolution 26Exhibit 3
1 RESOLUTION NO. 26
2 A RESOLUTION OF THE CARLSBAD PUBLIC FINANCING
AUTHORITY ("AUTHORITY"), APPROVING AN ADVANCE
3 REPAYMENT AGREEMENT BETWEEN THE CITY
4 COUNCIL OF THE CITY OF CARLSBAD CALIFORNIA
("CITY") AND THE AUTHORITY
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6 WHEREAS, the City has agreed to advance (and has advanced) funds to the
7 Authority from time to time for the purpose of designing, constructing, maintaining and
8 operating a municipal Golf Course; and
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WHEREAS, the Municipal Golf Course consists of an 18-hole golf course as well
10 as related facilities including a driving range, a clubhouse, a pro shop, and maintenance
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facilities; and
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WHEREAS, the City and the Authority mutually desire to make provisions for the
eventual repayment of the Advances with interest to the City.
15 NOW, THEREFORE, IT IS AGREED by and between the City Council of the City
16 of Carlsbad, California, and the Carlsbad Public Financing Authority as follows:
17 1. The Carlsbad Public Financing Authority approves the Advance
1R Repayment Agreement, attached herein and dated November 21, 2006, between the
19 City and the Authority.
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PASSED, APPROVED AND ADOPTED at a Special Meeting of the Carlsbad
Public Financing Authority held on the 21st day of November, 2006, by the following
vote:
AYES: Board Members Lewis, Hall, Kulchin, Packard
NOES: Board Member Sigafoose
ABSENT: None
, unairman of the Board
ATTEST:
LORRAINE M. WOOD, Secretary
<SEAL)
- o-
Exhibit 12
GOLF COURSE ADVANCE REPAYMENT AGREEMENT
This Advance Repayment Agreement entered into between the City
Council of the City of Carlsbad, California ("City"), and the Carlsbad Public
Financing Authority, a public entity and joint powers authority ("Authority") on
November 21, 2006, and shall be retroactive to March 31,1997.
The City has agreed to advance (and has advanced) funds to the
Authority from time to time for the purpose of designing, constructing, maintaining
and operating a municipal Golf Course. The Municipal Golf Course consists of
an 18-hole golf course as well as related facilities including a driving range,
Clubhouse, pro shop and maintenance facilities. The City and Authority desire to
make provisions for the eventual repayment of the Advances with interest to the
City.
Now, therefore, it is agreed by and between the parties to this Agreement
as follows:
1. The Authority is obligated to reimburse the City the full principal and all
accrued interest on the existing Advances and any subsequent
Advances to be made by the City to the Authority for the purpose of
designing, constructing, maintaining and operating an 18-hole
municipal Golf Course.
Exhibit 12
Interest shall accrue on all Advances from the date of the Advance to
the date repaid to the City at an average annual rate of return earned
on the City's pooled funds as determined by the City Treasurer for
each fiscal year. Interest shall be compounded annually.
Repayment shall be made from available funds in the Authority's
accounts as determined annually by the Authority Treasurer after
providing for operating, capital and reserve needs of the Municipal Golf
Course or as otherwise required under covenants for any debt issued
l for, or secured by, the Municipal Golf Course.
Clause A.'Lewis'
President of the Board - CPFA Mayor - City of Carlsbad
Attest:
Lorraine M. Wood
Secretary - CPFA
(Seal)
CUT
Attest:
Lorraine M. Wood
City Clerk - City of Carlsbad