HomeMy WebLinkAbout17850 - RESOLUTIONS - 5/20/1992 R
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RESOLUTION NO. 17850
OF THE CITY COUNCIL OF THE CITY OF PALM
SPRIKGSs CALIFOR111A. AMENDING RESOLUTION NO.
15950 APPROVING A RESCHEDULING OF A LOAN TO THE
AIRPORT FUND FROM THE WASTEWATER FUND.
WHEREAS the City Council approved Resolution No. 15950 on July 28, 1986; and
• WHEREAS Resolution No. 15950 authorized a $1, 335, 000 loan from the Wastewater
Fund to the Airport Fund but did not fully outline the terms of the loan; and
WHEREAS the City Council approved Resolution #16417 on March 2, 1988
establishing the terms of the loan; and
• WHEREAS the City Council desires to reschedule the loan :for a new ten-year
period beginning July 1, 1992, with a beginning principal balance of
6765, 400,
NOW THEREFORE RE IT RESOLVED by the City Council of the City of Palm Springs
t that Resolution No. 15950 is hereby further amended as of July 1, 1992, as
follows:
*Section 2. That the City Council hereby approves a loan to the Airport
Fund .from the Wastewater Fund in a new beginning balance of
$765, 400 at 6. 86% interest. The loan .is to be repaid ovet a
ten-year period with the first of ten annual payments being
made on June 30, 1993. Each annual payment shall equal
$108, 272. "
ADOPTED this 20th day of _y _ 1992.
AYES: Councilmembers Hodges, Lyons, Reller, Schlendorf and Mayor Maryanov
NOES: None
ABSENT: None
ATTEST: CIT OF SPRI S IFORNIA
7iR
By
� ty Clerk City Man er
REVIEWED & APPROVED
122. RE
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