HomeMy WebLinkAboutResolution 122-94 RESOLUTION NO. 122-94
RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF ATASCADERO TO
DIRECT STAFF TO PURSUE A LINE OF
CREDIT FROM A FINANCIAL INSTITUTION
NOT TO EXCEED $500,000 WITHOUT
FURTHER REVIEW AND AUTHORIZATION BY CITY COUNCIL
WHEREAS, the City of Atascadero is experiencing cash flow restrictions due
to the Chapter 9 Bankruptcy Filing by the Orange County Investment Pool; and
WHEREAS, the City of Atascadero requests from Council to pursue a line of
credit from a financial institution; and
WHEREAS, the maximum amount of the line of credit is not to exceed
$500,000 without further review and authorization by City Council; and,
WHEREAS, the line of credit would only be utilized if an identifiable revenue
source can repay the drawn amount within ten days; 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 City staff to obtain a
$500,000 line-of-credit from a Financial Institution.
On motion by Councilperson Luna, seconded by Councilperson Johnson, 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. 122-94
Page 2
ADOPTED: December 13, 1994
CITY OF ATASCADERO
By:
R. DAVID BEWLEY, Mayor.,/ -
ATTEST.—
LEE P
ayorATTEST.LEEP ICE, City Clerk
APPROVED AS TO FORM:
AARTHER) MONTANDON, City Attorney