HomeMy WebLinkAboutReso 127-1999RESOLUTION NO. 127-99
CITY COUNCIL, CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA
A RESOLUTION AUTHORIZING EXECUTION OF AN
AMENDMENT TO THE REPAYMENT AGREEMENT WITH THE
REDEVELOPMENT AGENCY TO INCREASE ADVANCES FROM
THE GENERAL FUND TO THE EL CAMINO CORRIDOR PROJECT
AREA TO COVER ANTICIPATED EXPENDITURES FOR FISCAL
YEAR 1999-2000
WHEREAS, the City Council desires to amend the Repayment Agreement with the
Redevelopment Agency to increase advances from the General Fund to the E1 Camino Corridor
Project Area; and
WHEREAS, the current cap on this advance is $1,000,000; and
WHEREAS, as of June 30, 1999, enpenditures total $889,652; and
WHEREAS, staff recommends that the cap be increased to $1,800,000 to cover potential
project area expenditures of $650,000 for fiscal year 1999-2000.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of South San
Francisco hereby authorizes the execution of an amendment to the Repayment Agreement with
the Redevelopment Agency to increase advances from the General Fund to the El Camino
Corridor Project Area to cover anticipated expenditures for fiscal year 1999-2000.
I hereby certify that the foregoing is a true copy of the resolution adopted by the City Council of
the City of South San Francisco in a meeting thereof held on the 22 day of September ,
1999 by the following:
AYES: Counciimembers Joseph A. Fprnek~s,
Penna, Mayor Pro Tem Matsumoto and
NOES: None.
ABSTAIN: None,
ABSENT: None,
CAMy DocumentsLRESOkrepaymentagr.res.doc
ATTEST:
Eugene R. Mullin and Jnhn R.
Mayor James L. Datzman
City Clerk