HomeMy WebLinkAbout85-271 - Resolutions RESOLUTION NO. 85-271
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO
CUCAMONGA, CALIFORNIA, LOANING FUNDS AND SETTING INTEREST
RATE(S) ON LOANS TO THE RANCliO CUCAMONGA REDEVELOPMENT
AGENCY, AND RESCINDING SECTION 1 OF RESOLUTION NO. 84-315
WHEREAS, the City Council from time to time desires to loan funds to
the Rancho Cucamonga Redevelopment Agency; and
WHEREAS, the City must get an appropriate interest rate for use of
these funds.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Rancho Cucamonga as follows:
SECTION 1: An additional loan of $1,000,000 is hereby appropriated
from unallocated reserves to the Rancho Cucamonga Redevelopment AEency Civic
Center fund.
SECTION 2: That Section 1 of Resolution 84-315 is hereby rescinded.
SECTION 3: An annual interest rate on loans to the Redevelopment
Agency will be whatever the prevailing certificate of deposit rate is for local
savings and loans to the maximum extent permitted by law.
SECTION 4: Loans to the Redevelopment Agency by the City will
automatically renew each July 1st unless called by the City for payment
thereof.
PASSED, APPROVED, and ADOPTED this 18th day of September, 1985.
AYES: Wright, Buquet, Mikels, Dahl, King
NOES: None
ABSENT: None
Jon D. Mikels, Mayor
ATTEST:
Beverly A~. Authelet, City Clerk
I, BEVERLY A. AUTHELET, CITY CLERK of the City of Rancho Cucamonga,
California, do hereby certify that the foregoing 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 18th day of
September, 1985.
Executed this 19th day of September, 1985 at Rancho Cucamonga,
California.
Beverly ~. A~thelet, City Clerk