HomeMy WebLinkAbout2007-12-11; Public Financing Authority; Resolution 40Exhibit 1
1 RESOLUTION NO. 40
2 A RESOLUTION OF THE BOARD OF DIRECTORS OF
THE CARLSBAD PUBLIC FINANCING AUTHORITY
3 APPROVING THE 2008 BUDGET FOR THE CROSSINGS
4 AT CARLSBAD AND REVISING THE 2007 OPERATING
BUDGET.
5
6 WHEREAS, the Carlsbad Public Financing Authority, hereafter the "Authority",
7 has previously entered into a contract with Kemper Sports Management Incorporated
8 for the operation and maintenance of the Carlsbad City Golf Course, The Crossings at
9 Carlsbad Golf Course, hereafter referred to as "The Crossings";
10
WHEREAS, Kemper Sports Management has developed a proposed 2008
11
Operating and Capital Budget for The Crossings; and
12
WHEREAS, Kemper Sports Management has developed a revised 2007
Operating Budget for The Crossings.
15 NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the
16 Carlsbad Public Financing Authority of the City of Carlsbad, California, as follows:
17 1. That the above recitations are true and correct.
18 2. That the proposed 2008 Operating and Capital Budget for the Crossings is
19
approved.
20
3. That the CPFA Executive Director is authorized to revise the current21
financing agreements or enter into new financing agreements for the lease/lease
23 purchase of 10 additional golf carts and GPS units subject to approval as to form by the
24 City Attorney. The cost for these golf carts and GPS units is in the proposed 2008
25 Operating Budget.
26
27
28
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
4. That the Authority does hereby grant the Finance Director, at the direction
of the CPFA Executive Director, to provide advances as needed from the General Fund
for anticipated operating losses and capital costs for The Crossings.
5. That the CPFA Executive Director at his/her discretion is authorized to
approve expenditures above the 2008 Operating Budget if there are sufficient revenues
generated above the 2008 Operating Budget to cover these additional expenditures.
6. That the 2007 Operating Budget for The Crossings is increased by
$367,705.
PASSED, APPROVED AND ADOPTED at a Special Meeting of the Board of
Directors of the Carlsbad Public Financing Authority on the 11th day of December,
2007, by the following vote to wit:
AYES: Board Members Lewis, Kulchin, Hall and Nygaard
NOES: Board Member Packard
ABSENT: None
/( / '
IS, Chairman of the Board
ATTEST:
LORRAINE M. WOOD, Secretary
<SEAL>