Resolution 1989-09
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RESOLUTION NO. 89-9
RESOLUTION OF THE COUNCIL OF THE CITY OF GILROY
AUTHORIZING LOANS FROM THE STATE SUBVENTIONS AND
BANK INTEREST FUNDS TO THE PUBLIC SAFETY FUND TO
FUND THE 1987 REMODELING OF THE POLICE AND FIRE
STATIONS
WHEREAS, The City of Gilroy remodeled and added on
to the Police and Fire stations in 1987 at a cost of
approximately $1,800,000; and
WHEREAS, The cost of the projects exceeded the monies
available in the Public Safety Fund; and
WHEREAS, The City's State Subventions Fund and Bank
Interest Fund had available resources; and
WHEREAS, The City Council verbally agreed to loan,
interest free, the Public Safety Fund the needed money from
the State Subventions and Bank Interest Funds; and
WHEREAS, that verbal decision has not been formalized in
resolution form.
NOW, THEREFORE, BE IT RESOLVED That the City's State
Subventions Fund and Bank Interest Fund will loan, interest
free, $758,889 and $900,000 respectively, to the Public Safety
Fund. The loan will be paid back to the Funds from all revenues
generated by the Public Safety Fund until the loans are paid
back in full.
BE IT FURTHER RESOLVED That since the State Subventions
Fund must go into a negative fund balance position, the Bank
RESOLUTION NO. 89-9
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Interest Fund's balance forward will never be less than
the positive amount needed to totally repay the negative
State Subventions Fund balance.
PASSED AND ADOPTED this 21st day of February 1989,
by the following vote:
AYES~
COUNCILMEMBERS: GAGE, HALE, KLOECKER, PALMERLEE,
VALDEZ and HUGHAN
COUNCILMEMBERS: NONE
COUNCILMEMBERS: MUSSALLEM
NOES:
ABSENT:
ATTEST:
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RESOLUTION NO. 89-9
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I, SUSANNE E. STEINMETZ, City Clerk of the City of Gilroy, do
hereby certify that the attached Resolution No. 89-9
is an original
ordinance, duly adopted by the Council of the City of Gilroy at a regular
meeting of said Council held on the 21st day of February 19 89 ,
at which meeting a quorum was present.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the
Official Seal of the City of Gilroy this 22nd
19 89.
day of February
(Seal)
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