HomeMy WebLinkAbout17372 - RESOLUTIONS - 12/19/1990 RESOLUTION NO. 17372
OF THE CITY COUNCIL OF THE CITY OF PALM
SPRINGS, CALIFORNIA, AUTHORIZING THE
EXTENSION OF THE DUE DATE FOR THE PAYMENT
OF THE PRINCIPAL SUM OF $50, 000 OWED TO
THE CITY BY THE PALM SPRINGS
INTERNATIONAL FIL14 FESTIVAL.
WHEREAS the Palm Springs International Film Festival requested
an interest-free loan in the amount of $!i;0, 000 to ensure
adequate short-term cashflow until corporate sponsorship
monies were received; and
WHEREAS the City Council., at their June 20, 1990 meeting,
approved by minute order, a. 120-day interest-free loan in the
amount of $50,000; and
WHEREAS the Palm Springs International Film Festival executed
a promissory note which promised to pay the $50, 000 loan on
November 9, 1990; and
WHEREAS the Palm Springs International Film Festival, by
letter dated November 29, 1990 has requested that the City
Council extend the payment due date to January 21., 1991; and
WHEREAS the City Council wishes to support the efforts of the ,
Palm Springs International Film Festival which .redound to the
benefit of the public generally;
NOW THEREFORE BE IT RESOLVED by the City Council of the City '
of Palm Springs, California., as follows:
That the loan made by the City Council by minute order,
at its June 20, 1990 meeting in the amount of $50, 000 to
the Palm Springs International Film Festival with an
original payment date of November 9, 1990, which is
evidenced by the promissory note made by the Palm Springs
International. Film Festival dated July 12 , 1990, hereby
has its due date extended to January 21, 1991. This
extension shall be duly noted on the p:romissory note.
ADOPTED this 19th _ day of December 1990.
AYES: Councilmembers Broach, (Hodges, Murawski , Neel and Mayor Bono
NOES: None
ABSENT: None
ATTEST: CITY OF PALM SPRINGS -
—eity Clerk ., � ,City Manager ,
REVIEWED & APPROVED
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