HomeMy WebLinkAboutReso 36-1982that:
RESOLUTION NO. 36-82
CITY COUNCIL, CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA
A RESOLUTION AUTHORIZING EXECUTION
OF AN AGREEMENT WITH THE SAN MATEO
COUNTY FLOOD CONTROL DISTRICT
BE IT RESOLVED by the City Council of the City of South San Francisco
1. Approval.
The Agreement entitled "Agreement Providing for the Repayment of
Funds Concerning the Colma Creek Flood Control Project" between the San Mateo
County Flood Control District and the City of South San Francisco, a copy of
which is attached hereto as Exhibit "A," is hereby approved.
2. Execution of Agreement.
Said Agreement may be executed on behalf of the City of South San
Francisco only after like agreements have been executed between the San Mateo
County Flood Control District and each of the following cities-
1. Daly City
2. San Bruno
3. Colma
3. signatures.
The Mayor is authorized to execute said .Agreement on behalf of the
City, and the City Clerk attest his signature thereto.
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 17th day of March , 1982, by the following vote:
AYES: Councilmembers Ronald G. Acosta, Mark N. Addie.qo, Emanuele N. Damonte,
Gus Nicolopulos; and Roberta Cerri Teglia
NOES: None
ABSENT: None
ATTEST' ~iCi ty~CC1 er~
·
AGREEMENT PROVIDING FOR THE REPAYMENT OF FUNDS CONCERNING
THE COLMA CREEK FLOOD CONTROL PROJECT
of
THIS AGREEMENT, made and entered into this day
, .1982, by and between the CITY OF SOUTH SAN
FP~ANCISCO, hereinafter called "City" and the SAN MATEO COUNTY
FLOOD CONTROL DISTRICT, hereinafter called "District",
· WITNESSETH:
WHEREAS, the San Mateo County Flood Control Dis.trict did, x)n
May 28, 1974, implement a flood control project on Colma Creek;
and
WHEREAS, On May 28, 1974, the City agreed to make funds
· available to the District for said flood control project; and.
WHEREAS, City did make funds available to District for said
--- project on a reimbursible basis; and
WHEREAS, City hereto is willing to defer repayment by
District-~of funds her~etofor ~advanced as herein specified:
NOW, THEREFORE, IT IS'AGREED as follows: .
·
1. Beginning July 1, 1981, all funds advanced under terms of
the agreement of May 28, 1974, shall earn interest in each fiscal
-year at a rate that is being quoted by at least three major ba~ks
on June 20th of each year for a one-year (365 day~) certificate
of inactive deposit on sums of $100,000 or more. However, in no
event will the interest rate exceed 7% compounded annually.
2. The Flood Control District will repay all advances over a
period of several years beginning in fiscal year 1991-92. Said
payments of principal and interest shall be made about January 1
·
and June 1 of each fiscal year. Payments shall be not less than
the following amount:
PAYMENT TO
South San Francisco
TOTAL AMOUNT
ADVANCED
$2,648,000
MINIMUM AMOUNT OF
ANNUAL PAYMENT BY DISTRICT
·
$430,400
IN WITNESS WHEREOF, the parties hereto have caused this
agreement to be executed by their duly authorized representa-
tives on the day and year first above written. .
"District"
ATTEST:
SAN MATEO COUNTY FLOOD CONTROL DISTRICT
.
BY
Chairman, Board of Directors
'Clerk of .said Board
"C it y"
CITY OF SOUTH SAN FRANCISCO _ -- -
ATTEST:
Mayor
Clerk of said City