HomeMy WebLinkAbout2009-12-01; Public Financing Authority; Resolution 52Exhibit 1
RESOLUTION NO. 52
2 A RESOLUTION OF THE BOARD OF DIRECTORS OF
THE CARLSBAD PUBLIC FINANCING AUTHORITY
3 APPROVING THE 2010 BUDGET FOR THE CROSSINGS
4 AT CARLSBAD AND ADDITIONAL APPROPRIATION FOR
2009.
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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
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Carlsbad Golf Course, hereafter referred to as "The Crossings";
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WHEREAS, Kemper Sports Management has developed a proposed 2010
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Operating and Capital Budget for The Crossings.
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WHEREAS, Kemper Sports Management estimates that The Crossings requires
up to an additional $150,000 budget appropriation for the 2009 Operating Budget due to
15 the negative impacts of the economic recession.
16 NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the
17 Carlsbad Public Financing Authority of the City of Carlsbad, California, as follows:
1 8 1. That the above recitations are true and correct.
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2. That the proposed 2010 Operating and Capital Budget for the Crossings is
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approved as summarized in Exhibit 2.
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22 3. That the Authority does hereby grant the Finance Director, at the direction
23 of the CPFA Executive Director, to provide advances as needed from the General Fund
24 Reserve for anticipated operating losses and capital costs for The Crossings.
25 4. That the CPFA Executive Director at his/her discretion is authorized to
^)f\approve expenditures above the 2010 Operating Budget if there are sufficient revenues
27 generated above the 2010 Operating Budget to cover these additional expenditures. In
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(s
Exhibit 1
1 addition, if the Food and Beverage Program revenue is higher than the 2010 Food and
2 Beverage Budget, then the CPFA Executive Director is authorized to approve
expenditures within the Food and Beverage Program up to that additional revenue
4 generated over the 2010 Budget estimate.
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5. That the Finance Director has the authority to provide an appropriation
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and advance from the General Fund up to an additional $150,000 for The Crossings
2009 Budget as needed to compensate for the reduction in The Crossings revenueso
9 due to the economic recession.
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PASSED, APPROVED AND ADOPTED at a Special Meeting of the Carlsbad
Public Financing Authority held on the 1st day of December 2009, by the following vote
to wit:
AYES: Board Members Lewis, Kulchin, Hall, Packard and Blackburn.
NOES: None.
ABSENT: None.
LEWlS^nairrrian of the Board
ATTEST:
LORRAINj M. WOpDJ Secretary O
(SEAL)