HomeMy WebLinkAbout91-062 - Resolutions RESOLUTION NO. 91-062
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO
~, CAT.I~DRNIA, ESTABLISHING AN INTER~ RATE FOR
LOANS MADE FRC~ THE CITY OF RANCHO ~ TO RAN(~O
A. Recitals.
(i) Heretofore, the City of Rancho Cucamonga ("City" hereinafter)
has advanced certain sums to Rancho O_~mnnga ~velc~ent A~ency ("~ency"
hereinafter) at interest rates established by resolution.
(ii) It was the intention of this Agency that said interest be
compounded on an annual basis.
(iii) Said monies, including principal and interest, were made
payable upon demand within twelve months' notice given.
(iv) The total amount of interest and principal due and owing to
date frc~ Agency to City in accordance with the above-sta~ principles is the
sum of $416,941.12.
(v) City is willing to forego making demand for principal and/or
interest of the entire amount stated in Recital (iv) above on the terms stated
herein.
B. Resolution.
NOW, TH~qEFORE, the City Council of the City of Rancho Cucamonga does
hereby find, determine and resolve as follow~:
1. This Council hereby finds that all of the facts stated in thee
Recitals, Part A, of this Resolution are true and correct.
2. From the date hereof, interest on all amounts due and ~wing to
City from Agency, whether loaned heretofore or hereafter, shall bear interest
at the rate of twelve percent (12%) per annum, oc~_ed on an annual basis.
3. Any amounts due and owing from A~ency to City, or any portion
thereof, shall be due and payable within thirty (30) days frum the date of
City making demand therefor. Any such demand shall be made at the sole
discretion of the City's City Council.
4. The City Clerk shall certify to the adoption of this Resolution.
PASS~D, ~, and ADOPTS) this 6th day of March, 1991.
Resolution No. 91-062
Page 2
AYES: Alexander, Buquet, Stout, Williams, Wright
NOES: None
Dennis L. Stout, Mayor
f~ra J. ~, City Clerk
I, DFRRA j. ADAMS, CITY CLERK of the City of Rancho Cucamonga,
California, do hereby certify that the fox, going Resolution was duly passed,
approved, and adopted by the City Council of the City of Rancho Cucamonga,
California, at a regular meeting of said City Council held on the 6th day of
March, 1991.
Executed this 7th day of Mar~h, 1991 at Rancho C~camorga, California.
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