HomeMy WebLinkAbout19792 - RESOLUTIONS - 5/17/2000 RESOLUTION NO. 19792
OF THE CITY COUNCIL OF THE CITY OF PALM SPRINGS,
CALIFORNIA, FORGIVING CERTAIN WASTEWATER
TREATMENT PLANT FUND LOANS TO VARIOUS CITY
FUNCTIONS.
WHEREAS the Wastewater Treatment Plant Fund Sewer Service Charge proceeds reserve
has been loaned at market interest rates to various other activities of the City as depicted in
Exhibit"A"to this Resolution while Sewer Connection Fees have been utilized to cover plant
expansion debt service; and
NOW THEREFORE BE IT RESOLVED that the following Wastewater Treatment Plant Fund
loans are hereby forgiven in full, including all accrued interest through the date of this action:
Recipient Original Date Original Amount Purpose
Ramon Bogie 1/93 $90,600 Landfill Study
Ramon Bogie 11/89 $269,450 Interest Expense
Ramon Bogie 4/86 $593,650 Auto Center Land
Ramon Bogie 3/86 $1,627,500 Auto Center Land
Train Station 3/94 $1,150,000 Land/Grant Match
Golf Course Fund 10/94 $1,652,000 Debt Service
Golf Course Fund 4/96 $550,000 Land
Golf Course Fund 7/96 $590,322 Land
ADOPTED this 17th day of May 2000.
AYES: Members Jones, Hodges, Oden, Reller-Spurgin and Mayor Kleindienst
NOES: None
ABSENT: None
TTEST, CITY OF PALM SPRINGS, CALIFORNIA
City Clerk City Manager
REVIEWED&APPROVED AS TO FORM
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EXHIBIT "A" N N
WASTEWATER TREATMENT PLANT FUND LOANS
As of 6/30/99
RECIPIENT INT RATE DATE ORIGINAL CURRENT REPMNT TERM PURPOSE
AMOUNT BALANCE SCHEDULE
Canyon Project 6.00% 6193 400,000 400,000 Int Only Open Start Up & Canyon Project
Project Area#9 6.00% 7/92 413,500 413,500 Int Only Open Plaza Theater Refurbishing
Baristo Farrell 6.00% 7/92 413,500 413,500 Int Only Open Plaza Theater Refurbishing
Ramon Bogie 5.00% 1193 90,600 101,548 Int Only Open Landfill Study
Ramon Bogie 8.50% 11/89 269,450 361,062 Int Only Open Interest Expense
Ramon Bogie 8.00% 4/86 593,650 869,478 Int Only Open Auto Center Land Acquisition
Ramon Bogie 8.00% 3/86 1,627,500 2,427,854 Int Only Open Auto Center Land Acquisition
Capital Project Fund 5.50% 8/93 597,674 113,403 119,642 P&I 8/1999 * 800 MHZ Radio System
Train Station 5.00% 3194 1,150,000 1,150,000 30 years Open Land Acquisition/Grant
Fund Match
Golf Course 6und 4.00% 10194 1,652,000 1,652,000 Deferred Open Debt Service
Golf Course Find a.no 4/96 550,000 550,000 30 Years Open Land Acquisition
Golf Course Fund 6.00% 7/96 590,322 590,322 30 Years Open Land Acquisition
TOTAL FROM WASTEWATER 8,348,196 9,042,667
* Paid in Full on 8/99
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