HomeMy WebLinkAbout1981-02-10; Parking Authority; Resolution 31RESOLUTION NO. 31
RESOLUTION OF THE PARKING AUTHORITY OF THE
CITY OF CARLSBAD AUTHORIZING PAYMENT OF A
PORTION OF BOND PROCEEDS TO PLAZA CAMINO
REAL
WHEREAS, the Parking Authority is obligated to pay the
net bond proceeds from the issuance of its 1981 Parking
Revenue Bonds authorized by Resolution No. 2 3 of the Authority
to Plaza Camino Real in consideration of the conveyance to
the Parking Authority by Plaza Camino Real of that certain
parking facility, land and improvements, to be acquired with
the bond proceeds; and
WHEREAS, the costs of issuance and other costs of the
Parking Authority and City which are to be paid out of the
bond proceeds will not be ascertained for some time after the
sale and delivery of the bonds; and
WHEREAS, the sum of $10 0,000 constitutes an adequate
reserve to cover these costs of issuance.
NOW, THEREFORE, BE IT RESOLVED by the Parking Authority
of the City of Carlsbad:
1. The Treasurer Ex Officio of the Parking Authority
is authorized to pay to Plaza Camino Real, upon receipt of
the purchase price for the bonds, in partial satisfaction
of the purchase price for the parking facility, the balance
of the bond proceeds remaining after deducting all reserves
required by the Resolution of Issuance and a reserve of
$100,000 to meet costs of issuance.
2. The remaining net proceeds of the bonds shall be
paid to Plaza Camino Real pursuant to the agreement between
the parties as soon as all of the City's and Authority's
costs related to the issuance of the bonds which are
authorized to be paid out of bond proceeds have been
ascertained and paid, in no event to exceed 60 days from the
date of the sale of the bonds.
ADOPTED, SIGNED AND APPROVED this 10th day of February,
1981.
Parking/Authority of
the City of Carlsbad, California
(SEAL)
Clerk, Parking Authority ofi
the City of Carlsbad, California
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STATE OF CALIFORNIA )
) ss.
COUNTY OF SAN DIEGO )
I, Aletha L. Rautenkranz, Clerk of the Parking Authority
of the City of Carlsbad, do hereby certify that the foregoing
resolution was duly adopted by the Parking Authority of said
City at a meeting of said Authority held on the 10th day of
February, 1981, and that it was so adopted by the following
vote:
AYES: Directors Richardson, Dunne, Chase and Goodwin
NOES: None
ABSENT: Director McComas
Clerk, Parking Authority of
the City of Carlsbad, California
(SEAL)
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