HomeMy WebLinkAboutReso 1996-18290 RESOLUTION NO. 18290
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA
VISTA DIRECTING THE CITY MANAGER TO INCLUDE IN THE
FISCAL YEAR 1996-97 PROPOSED BUDGET APPROPRIATIONS
OF ~242,860 FOR TAX AND REVENUE ANTICIPATION NOTE
PROJECTED INTEREST AND ISSUANCE COSTS AND
ESTIMATED INTEREST REVENUES OF $235,000 FROM
INVESTMENT OF THE NOTE PROCEEDS
WHEREAS, it is being recommended that the City joint the California Statewide
Communities Development Authority (CSCDA) in order to take advantage of the opportunity
to borrow money on a short-term basis at the lowest cost; and
WHEREAS, such a borrowing is recommended as an alternative to borrowing from
other City Funds in order to cover the temporary cash shortfalls that occur in the General Fund
during the year due to the cyclical nature of some of our major revenue sources; and
WHEREAS, it is recommended that the City Manager be directed to include the
estimated interest cost of the borrowing and estimated interest revenues from investment of
the note proceeds in the fiscal year 1996-97 proposed budget.
NOW, THEREFORE, BE IT RESOLVED the City Council of the City of Chula Vista does
hereby direct the City Manager to include in the fiscal year 1996-97 proposed budget
appropriations of ~242,860 for Tax and Revenue Anticipation Note Project Interest and
issuance Costs and Estimated Interest Revenues of ~235,000 from Investment of the Note
Proceeds.
App;o ed as to form y
Presented by
/'riobert Powell ' ( Bruce M. Boogaard
Finance Director City Attorney
Resolution 18290
Page 2
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 14th day of May, 1996, by the following vote:
AYES: Councilmembers: Alevy, Moot, Padilia, Rindone, Hotton
NAYES: Councilmembers: None
ABSENT: Councilmembers: None
ABSTAIN: Councilmembers: None
ShirlefHorton, Mayor
ATTEST:
Beverly A/. 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. 18290 was duly passed, approved, and adopted by the City
Council at a regular meeting of the Chula Vista City Council held on the 14th day of May,
1996.
Executed this 14th day of May, 1996.
Beverly (a,. Authelet, City Clerk