HomeMy WebLinkAbout1988-05-24; City Council; Resolution 88-1713 I ll e 0
1 I RESOLUTION NO. 88-171
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A RESOLUTIOK OF THE; CITY COLiiTCIL OF THE CITY OF C-LRLSBAD,
CALIFORNIA, RESER'VIWG FLRJDS FOR THE PAYXENT OF THE HOSP
GROVE XOTE
4 %HEREAS, on July 16, 1958 the City of Carlsbad issued the Ros
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due date of the note or to reserve City funds for the repayment of til. 8
Service the City of Zarlsbzd agreed to issue long term debt 3G days p: 7
&'HEREAS, as a condition of receiving a rating from XGO~Y'S TI 6
note totaling $6,555 ,000: and
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meet this obligation, and 11
WHEREAS, long term debt will not be issued by Yay 30, 1938 I1
I.2 /I KHERZAAS, the City is able to comply with the obligation to rl
l3 funds from existing sources without damaging existing operations, and
XHEREAS, sufficient funds exist in the City's General Fund a: 14
l5 Facilities Fund to provide the necessary reserve.
l6 /I NGW! TEEREFORE BE IT RZSOLVED, by the City Council of the Ci
17 11 Carlsbad, California as f~liows :
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i) That the amount 05 3.4 million is hereby reserve2 for thz r
of the HGSF Grove note from the General Fund.
2) That tho an1o-m-,t of $3.5 million is hereby reserved for the
~f the RGSP Grove note from the Public Facilities Fund.
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3> That these reserves shall be automatically released UFOZ th~
of long tern; debt for the funding of the Hosp Grove acquisit
"SSED, APPRCVFD, AXE ADGPTED at a regslar meeting c;f the Ca1
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AYES: Council Members Lewis, Kulchin, Pettine, Mamaux and Lar 5
wit: 4
Cowcii heid on the 24th day of May * hy th.. following V(
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NOES: None
ABSENT : None
ATTEST :
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/&LZAL R. Q- ALETEL. I.. IL~UTENKP~ANZ, City CierF
SEAL
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