HomeMy WebLinkAboutReso 133-1991 RESOLUTION NO. 133-91
CITY COUNCIL, CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA
A RESOLUTION OF THE SOUTH SAN FRANCISCO
CITY COUNCIL APPROVING A $1.25 MILLION
SHORT TERM LOAN FROM THE SELF-INSURANCE
FUND TO THE REDEVELOPMENT AGENCY
WHEREAS, the Redevelopment Agency issued $7.25 million in
Gateway Tax Allocation notes which are currently maturing; and
WHEREAS, the Gateway redevelopment area had a fund balance of
$6.37 million at the end of last fiscal year from accumulated tax
incremen't, unspent note proceeds and related interest income; and
WHEREAS, it is projected that the Redevelopment Agency will
have adequate funds to repay a loan from the Self-Insurance Fund by
June 30, 1992; and
WHEREAS, the Self-Insurance Fund has sufficient assets to make
a $1.25 nillion short term loan to the Redevelopment Agency without
jeopardizing its solvency.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City
of South San Francisco that:
1. A short term loan is hereby made in the amount of $1.25
million from the City's Self-Insurance Fund to the City's
Redevelopment Agency.
2. Said loan shall be used, exclusively for the repayment of
the Gateway Tax Allocation Notes issued in 1988.
3. The full amount of the loan plus interest shall be repaid
to the Self-Insurance Fund no later than July 15, 1992.
4. The amount of interest on the loan shall be in accord
with City policy as established by Resolution No. 134-91 .
I hereby certify that the foregoing Resolution was regularly
introduced and adopted by the City Council of the City of South San
Francisco at a regular meeting held on the 13th day of
November , 1991 by the following vote:
AYES-.
NOES-.
ABSTAIN:
ABSENT:
Councilmembers Richard A. Haffey, Gus Nicolopulos, John R. Penna,
Roberta Cerri Teglia, and Mayor Jack Drago
None
None
None
ATTEST: ~ Cl~erk~~