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Resolution 1989-09 /' . . ~. 1"':, 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 <" . . T 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: . .iJYA~t . /t , ~~r 4~or RESOLUTION NO. 89-9 -2- . . ~ . . 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) r .