HomeMy WebLinkAboutReso 1996-18249 RESOLUTION NO. 18249
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA
VISTA SETTING A REFINANCE PARTICIPATION FEE AT .25
PERCENT OF THE PRINCIPAL AMOUNT FOR THE PROPOSED
SDG&E INDUSTRIAL DEVELOPMENT BOND REFINANCINGS,
PAYABLE AT THE TIME OF ISSUE
WHEREAS, in 1992, the city issued $250 million in IDBs to finance projects for
SDG&E; and
WHEREAS, in addition to paying for city staff and administrative costs, SDG&E paid
the city a one-time fee of.25 percent of the principal amount of the bonds; and
WHEREAS, SDG&E is considering engaging city assistance in connection with certain
proposed refinancings of IDBs previously issued by the City of San Diego; and
WHEREAS, in connection with such proposed refinancings, staff recommends setting
a refinance participation fee pursuant to section 3.48.030 of the Chula Vista Municipal Code.
NOW, THEREFORE, BE IT RESOLVED the city council of the City of Chula Vista does
hereby set a refinance participation fee at .25 percent of the principal amount for the
proposed ~81.35 and $25 million SDG&E industrial development bond refinancings of original
issue City of San Diego bonds, payable at the time of refunding, plus customary
reimbursement of staff time, costs and bond counsel fees.
Presented by Approved as/~fo~ y
Resolution 18249
Page 2
PASSED, APPROVED, and ADOPTED by the city council of the City of Chula Vista,
California, this 9th day of April, 1996, by the following vote:
AYES: Councilmembers: Alevy, Moot, Padilia, Rindone, Hotton
NAYES: Councilmembers: None
ABSENT: Councilmembers: None
ABSTAIN: Councilmembers: None
Sh~ey Horton, Mayor
ATTEST:
Authelet, City Clerk
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO ) ss.
CITY OF CHULA VISTA )
I, Beverly A. Authelet, City Clerk of the City of Chula Vista, California, do hereby certify that
the foregoing Resolution No. 18249 was duly passed, approved, and adopted by the City
Council at a regular meeting of the Chula Vista City Council held on the 9th day of April,
1996.
Executed this 9th day of April, 1996.
Beverly A/. Authelet, City Clerk