HomeMy WebLinkAboutReso 1999-19620 RESOLUTION NO. 19620
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VlSTA REVISING THE TERMS OF A NO INTEREST
LOAN FROM THE GENERAL FUND, IN AN AMOUNT NOT TO
EXCEED $500,000, TO THE NATIONAL GOVERNING BODY
FOR USA SOFTBALL EXTENDING THE TIME OF
REPAYMENT FROM 3-1/2 TO 5 YEARS, WITH REPAYMENT
GUARANTEED BY A PLEDGE FROM THE EASTLAKE
COMPANY AND THE JAMES G. BOSWELL FOUNDATION
WHEREAS, at its June 22, 1999, meeting, the City Council by Resolution No. 19512
approved a tentative agreement with the National Governing Body (NGB) of USA Softball (USAS),
subject to final agreement and conditions, for an interest free loan in an amount not to exceed
$500,000; and
WHEREAS, the agreement required that the NGB/USA Softball repay the loan by not later
than January 2003; and
WHEREAS, the loan was expected to be repaid through a grant provided by the U. S.
Olympic Committee and/or a special USA Softbail fund raising effort; and
WHEREAS, subsequently, it was learned that the USOC grant could not be used to repay the
loan; and
WHEREAS, in response, The EastLake Company, through The James G. Boswell
Foundation, has committed to pledge $500,000 to the NGB to be used to repay the loan over five
years at $100,000 per year; and
WHEREAS, staff recommends that CounciI approve the proposed modifications to the City
loan to reflect these changed circumstances.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Chula Vista
does approve a modified agreement on the tenus presented.
BE IT FURTHER RESOLVED that the Mayor is hereby authorized to execute all necessary
agreements in fi3rms approved by the City Attorney.
Presented by Approved as to forln by
~,, David Rowlands, Jr. 2f ~
n M Kaheny
City Manager ey
Resolution 19620 "'
Page 2
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 5~" day of October, 1999, by the following vote:
AYES: Councilmembers: Davis, Moot, Padilia, and Hotton
NAYS: Councihnembers: None
ABSENT: Councihnembers: Salas
ATTEST: Shirley Hortol~ZV/ayor
Susan Bigelow, City Clerk u
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO )
CITY OF CHULA VISTA )
1, Susan Bigelow, City Clerk of Chula Vista, California, do hereby certify that the foregoing
Resolution No. 19620 was duly passed, approved, and adopted by the City Council at a regular
meeting of the Chula Vista City Council held on the 5"' day of October, 1999.
Executed this 5th day of October, 1999.
Susan Bigelow, City Clerk