HomeMy WebLinkAbout2010-11-30; Public Financing Authority; Resolution 55Exhibit 1
1 RESOLUTION NO. . 55
2 A RESOLUTION OF THE BOARD OF DIRECTORS OF
THE CARLSBAD PUBLIC FINANCING AUTHORITY
3 APPROVING THE 2011 BUDGET FOR THE CROSSINGS
4 AT CARLSBAD
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WHEREAS, the Carlsbad Public Financing Authority, hereafter the "Authority," has
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previously entered into a contract with Kemper Sports Management Incorporated for the
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operation and maintenance of the Carlsbad City Golf Course, The Crossings at Carlsbad Golf
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Course, hereafter referred to as "The Crossings;"
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WHEREAS, Kemper Sports Management has developed a proposed 2011 Operating
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and Capital Budget for The Crossings.
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WHEREAS, NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the
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Carlsbad Public Financing Authority (CPFA) of the City of Carlsbad, California, as follows:
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1. That the above recitations are true and correct.
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.<- 2. That the proposed 2011 Operating and Capital Budget for the Crossings is
lfi approved as summarized in Exhibit 2.
17 3. That the Authority does hereby grant the Finance Director, at the direction of the
18 CPFA Executive Director, to provide advances as needed from the General Fund Reserve for
19 anticipated operating losses and capital costs for The Crossings, not to exceed $1,736,370.
20 4. That the CPFA Executive Director at his/her discretion is authorized to approve
21 expenditures above the 2011 Operating Budget if there are sufficient revenues generated above
22 the 2011 Operating Budget to cover these additional expenditures. In addition, if the Food and
23 Beverage Program revenue is higher than the 2011 Food and Beverage Budget, then the CPFA
24 Executive Director is authorized to approve expenditures within the Food and Beverage
25 Program up to that additional revenue generated over the 2011 Budget estimate.
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PASSED, APPROVED AND ADOPTED at a Special Meeting of the Carlsbad
Public Financing Authority held on the 30th day of November, 2010, by the following
vote to wit:
AYES:
NOES:
ABSENT:
Board Members Lewis, Kulchin, Hall, Packard and Blackburn.
None.
None.
ATTEST:
LORRAINE M. WOOD/Se6retary
(SEAL)