HomeMy WebLinkAbout2008-12-16; Public Financing Authority; Resolution 48Exhibit 1
1 RESOLUTION NO. 48
2 A RESOLUTION OF THE BOARD OF DIRECTORS OF
THE CARLSBAD PUBLIC FINANCING AUTHORITY
3 APPROVING THE 2009 BUDGET FOR THE CROSSINGS
4 AT CARLSBAD.
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WHEREAS, the Carlsbad Public Financing Authority, hereafter the "Authority",
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has previously entered into a contract with Kemper Sports Management Incorporated
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for the operation and maintenance of the Carlsbad City Golf Course, The Crossings at
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g Carlsbad Golf Course, hereafter referred to as "The Crossings";
10 WHEREAS, Kemper Sports Management has developed a proposed 2009
11 Operating and Capital Budget for The Crossings.
12 NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the
13 Carlsbad Public Financing Authority of the City of Carlsbad, California, as follows:
14 1. That the above recitations are true and correct.
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2. That the proposed 2009 Operating and Capital Budget for the Crossings is
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approved as summarized in Exhibit 2.
18 3. That the Authority does hereby grant the Finance Director, at the direction
19 of the CPFA Executive Director, to provide advances as needed from the General Fund
20 Reserve for anticipated operating losses and capital costs for The Crossings.
? 1 4. That the CPFA Executive Director at his/her discretion is authorized to
22 approve expenditures above the 2009 Operating Budget if there are sufficient revenues
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generated above the 2009 Operating Budget to cover these additional expenditures. In
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addition, if the Food and Beverage Program revenue is higher than the 2009 Food and
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Beverage Budget, then the CPFA Executive Director is authorized to approve26
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Exhibit 1
1 expenditures within the Food and Beverage Program up to that additional revenue
2 generated over the 2009 Budget estimate.
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PASSED, APPROVED AND ADOPTED at a Special Meeting of the Carlsbad
Public Financing Authority held on the 16th day of December, 2008, by the following
vote to wit:
AYES: Board Members Lewis, Kulchin, Hall, Packard and Blackburn.
NOES: None.
ABSENT: None.
Chairman of the Board
ATTEST:
/ORRAIME M. WOOD) Secretary
/(SEAL) C7 ^
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