HomeMy WebLinkAboutReso 1965-3907
RESOLUTION NO. 3907
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA
ESTABLISHING A REPAYMENT SCHEDULE FOR THE LOAN TO THE
PARKING DISTRICT ACQUISITION AND IMPROVEMENT FUND
The City Council of the City of Chula Vista does hereby
resolve as follows:
WHEREAS, the City Council of~the'City of Chula Vista, pursuant
to Resolution No. 3187 adopted on August 27, 1963', ;authorized a'loan
from the Special Capital Outlay Fund to the Parking District Acquisition
and Improvement Fund in the amount of :$320,OOO.OO~to be used in the
acquisition and construction of the parking lots in the Chula Vista
Parking District No. 1, and
WHEREAS, the expenditures from said fund totaled $302,446.23,
of which sum $135.,OOO.OO.has been repaid from accumulations of the
Parking Meter Fund, leaving a present balance due in the-sum of
$167,446.23, and
WHEREAS, the Parking District Act of 1951, Section 35108.5 of
the Government Code has been amended to provide for the repayment of
such acquisition loan, either by bonds or from the revenues of the
Parking District or from ad valorem assessment from properties within
the Parking District, and
WHEREAS, the City Council desires to establish a repayment
schedule which repayment would be made from the revenues of the District,
f-rom both on-street and off-street parking meters, or from a levy of
ad valorem assessments for any difference which may occur.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of Chula Vista as follows:
1. That the sum of $15,000.00 or more per year shall be
refunded from the Parking Meter Fund to the Special Capital Outlay
Fund on ~7une 30th of each year, commencing with the year 1966, and
terminating in the year 1978.
2. That in the event that said sum of $15,000.00 is so
transferred each year, the final payment in the year 1978 shall be
the sum of $2,446.23, to fully repay the loan made by the City of
Chula Vista from the Special Capital Outlay Fund.
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3. That any sums in addition to the annual payment of
$15,000.00 per year shall be applied to reducing the term of the
repayment period, and said repayment period shall be so reduced
by the sums in excess of $15,000.00 per year transferred .from the
Parking Meter Fund.
4. In the event that the sum of $15,000.00 is not available
for repayment in any year from the revenues of the Parking District,
the difference, if any, for'said,year shall be obtained by~the levy of
an ad valorem assessment for the difference of the total of the'
revenues and the $15,000.00 scheduled repayment.
5. That after June 30, 1978, or prior thereto if the full
loan balance of $167,446.23 has been repaid, all revenues from on-
street parking meters within .said Parking District No. 1 shall be
transferred to the General Fund of the City of Chula Vista, as well
as any revenues from the meters located on the parking lots of the
District not needed for operation or for further improvement.
BE IT FURTHER RESOLVED that the City Clerk of the City of
Chula Vista be, and he is hereby directed to forward a certified
copy of this resolution to the Parking Place Commission, and copies
to each of the property owners within Parking District No. 1 assessment
area.
approved as to~fo\m by
D. L~ihdberq, City Attor
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397
Presented by
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ADOPTED AND APPROVED by the CITY COUNCIL of the
CITY OF CHULA VISTA, CALIFORNIA, this 9th day of November
19 65 by the following vote, to-wit:
AYES: COUNCILMEN McAllister, Anderson, McMains
NAYES: COUNCILMEN McCorquodale, Spading
ABSENT: COUNCILMEN None
~~ / ,~s o..,~-
'~ Mayor of the City of Chula Vista
J ~//
ATTEST -~-°~""`~- ~ "' ~
City Clerk
STATE OF CALIFORNIA
COUNTY OF SAN DIEGO ss.
CITY OF. CHULA VISTA
I, KENNETH P. CAMPBELL, City Cleric of the City of Chula
Vista, California, DO HEREBY CERTIFY that the above and foregoing
is a full, true and correct copy of
and that the same has not been amended or repealed.
DA
City Clerk
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