HomeMy WebLinkAbout18347 - RESOLUTIONS - 3/9/1994 RESOLUTION NO. 18347
OF THE CITY COUNCIL OF THE CITY OF
PALM SPRINGS„ CALIFORNIA AUTHORIZING
A LOAN OF $1. 150 MILLION FROM THE
WASTEWATER TREATMENT PLANT FUND FOR
THE CONSTRUCTION OF A TRAIN STATION
- - - -- - - - - - -
WHEREAS, the City has submitted an application to the
California Transportation Commission for a Transit Capital
Improvement Grant ("Grant") to provide for 50% of the cost for the
construction of a train station within the City; and
WHEREAS, as part of the application the City is required to
commit funds to match the grant; and
WHEREAS, the City"s matching commitment will be in the amount
of $1.150 Million, to be loaned from the Wastewater Treatment Plant
fund for this purpose; and
WHEREAS, the construction of a train station is deemed to be
of benefit to the community as a whole,
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the
City, of Palm Springs, as follows:
Section 1: A commitment is hereby made to match the
California Transportation Commission Transit
Capital Improvement Grant in the: amount of
$1. 150 Million.
Section 2: Source of funding said commitment shall be a '
loan from the Wastewater Treatment. Plant fund
to the Capital Projects fund with an interest
rate of 5%, per annum, payable over 30 years,
with payments commencing one year after
completion of construction of the station and
annually thereafter.
Section 3 : The City Manager is hereby authorised to
execute, on behalf of the City, all documents
necessary as part of this project in a form
approved by the City attorney.
ADOPTED this 9th day of March 1994 .
AYES: Members Hodges, Lyons, Reller-Spurgin, Schlendorf and Mayor Maryanov
NOES: None
ABSENT: None
ATTEST: CI OF PALM SPR'CEZ
ALIFORNIA
Byc� �yy, -
City Clerk C y nagi ,
REVIEWED & APPROVED _