HomeMy WebLinkAboutResolution 121-94 RESOLUTION NO. 121-94
RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF ATASCADERO
AUTHORIZING AND DIRECTING CITY
STAFF TO REQUEST A PROPERTY TAX ADVANCE
FROM THE COUNTY OF SAN LUIS OBISPO FOR
THE SECOND HALF OF THE 1994-95 FISCAL YEAR.
WHEREAS, the City of Atascadero has incurred a cash flow restriction due
to the Chapter 9 Bankruptcy filing by the Orange County Investment Pool; and
WHEREAS, the City of Atascadero has been offered by the County of San
Luis Obispo to advance the City's April, 1995 Property Taxes in order to cover
short-term cash restrictions; and
WHEREAS, the County of San Luis Obispo will advance ninety-eight percent
of said property taxes at the interest rate the County would earn on its money's
with the Local Agency Investment Fund; and
WHEREAS, the advance would be discounted for the interest charges from
the date of the cash receipt through April 10, 1995; and
NOW THEREFORE, BE IT RESOLVED BY, the City Council of the City of
Atascadero as follows:
Section 1 . The above recitals are true and correct,
Section 2. The adoption of this resolution authorizes the City Staff to
request, if needed, in writing, a property tax advance from the County of San Luis
Obispo for the second half of the 1994-95 Fiscal Year.
On motion by Councilperson Luna, seconded by Councilperson Carden, the
foregoing resolution is hereby adopted in its entirety on the following roll call vote:
AYES: Councilmembers Carden, Highland, Johnson, Luna and Mayor Bewley
NOES: None
ABSENT: None
Resolution No. 121-94
Page 2
ADOPTED: December 13, 1994
CITY OF ATASCADERO
By:
R06a—viddBewley,
ATTEST:
LEE PRI E, City Clerk
APPROVED AS TO FORM:
AR HER MON ANDD City Attorney