HomeMy WebLinkAboutCarlsbad Public Financing Authority; 1997-03-31;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