HomeMy WebLinkAboutReso 1994-17496RESOLUTION NO. 17496
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA
VISTA APPROVING AUTHORIZATION OF OUTSTANDING DEBT
FOR IMPROVEMENTS IN THE RANCHO DEL REY AND PRICE
CLUB PARTNERSHIP
WHEREAS, during June, 1993, an Agreement was entered into with the City for the
Rancho del Rey Commercial Center and Price Club for the various public improvements that
needed to be initiated at that time; and,
WHEREAS, part of that Agreement was repayment of a loan in the amount of
,892,000 which was a General Fund obligation of the City over a ten year period; and,
WHEREAS, the City's obligations under this Promissory Note requires payment be
made on the anniversary date of each year; and,
WHEREAS, because of the lateness in the FY 1992-93, the payment was not
incorporated into the FY 1993-94 budget and, consequently, the annual payment needs
immediate action.
NOW, THEREFORE, BE IT RESOLVED the City Council of the City of Chula Vista does
hereby appropriate $340,560 from the unappropriated balance of the General Fund Reserve
to Account No. 100-0420-5527 for payment of outstanding debt for improvements in the
Rancho del Rey and Price Club Partnership.
Presented by
Susan B. Merrill
Interim Director of Finance
7as to for I~' ,
Resolution No. 17496
Page 2
PASSED, APPROVED and ADOPTED by the City Council of the City of Chula Vista,
California, this 24th day of May, 1994, by the following vote:
YES: Councilmembers: Fox, Horton, Moore, Nader
NOES: Councilmembers: None
ABSENT: Councilmembers: Rindone
ABSTAIN: Councilmembers: None
Tim Nader, Mayor
ATTEST:
Vicki C. So'derquist, D~y~,!~y
City Clerk
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO )
CITY OF CHULA VISTA )
es.
I, Vicki C. Soderquist, Deputy City Clerk of the City of Chula Vista, California, do hereby
certify that the foregoing Resolution No. 17496 was duly passed, approved, and adopted by
the City Council at a regular meeting of the Chula Vista City Council held on the 24th day of
May, 1994.
Executed this 24th day of May, 1994.
Vicki C. Sod~quist, Depu~ity Clerk