HomeMy WebLinkAboutResolution 01-96 RESOLUTION NO. 01-96
A RESOLUTION OF THE ATASCADERO CITY COUNCIL
APPROVING THE LOAN OF WASTEWATER FUNDS TO THE GENERAL FUND
FOR THE PURCHASE OF STADIUM PARK
WHEREAS, the Atascadero City Council adopted Resolution No. 58-89 officially
recognizing Pine Mountain Stadium Park as an important historic site; and
WHEREAS, the City of Atascadero has condemned the property for $248,500
plus accrued interest and administrative costs; and
WHEREAS, the City has applied for and received grant funding approval under
the Intermodal Surface Transportation Efficiency Act of 1991 (ISTEA) for $124,000
towards the purchase of Stadium Park; and
WHEREAS, the Atascadero Land Preservation Society has a Certificate of
Deposit available to reimburse part of the General Fund's loan from the Wastewater
Fund; and
WHEREAS, the General Fund will repay the Wastewater Fund with interest for
all loaned monies expended to purchase said property; and
WHEREAS, the interest rate shall be a fiscal year average of the Local Agency
Investment Fund rate, recalculated annually; and
WHEREAS, the pay back period shall not exceed five years, with quarterly
interest only payments through June 1997, then becoming monthly principal and
interest payments over the remaining period; and
WHEREAS, the General Fund shall be able to payoff the Wastewater Fund at
any time during the life of the loan.
NOW, THEREFORE, BE IT RESOLVED THAT THE City Council of the City of
Atascadero does hereby approve the allocation of funds to purchase Pine Mountain
Stadium Park.
On motion by Councilmember Luna, seconded by Councilmember Carden, the
foregoing resolution is hereby adopted in its entirety on the following roll call vote:
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Resolution No. 01-96
AYES: Councilmembers Bewley, Carden, Johnson, Luna and Mayor Highland
NOES: None
ABSENT: None
ADOPTED: January 9, 1996
ATE : CITY OF ATASCADERO
By.
EE I E, City Jerk GOR P. HI AND, Mayor
APPROVED AS TO FORM:
AR R. MO TAN , City Attorney