Resolution 1989-24
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RESOLUTION NO. 89-24
RESOLUTION OF THE COUNCIL OF THE CITY OF GILROY
RESCINDING RESOLUTION NO. 89-9 AND AUTHORIZING A
LOAN FROM THE BANK INTEREST FUND 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
Police and Fire stations in 1987 at a cost of approximately
$l,800,000; and
WHEREAS, The cost of the projects exceeded the monies
available in the Public Safety Fund; and
WHEREAS, The City's Bank Interest Fund has available
resources; and
WHEREAS, The City Council heretofore agreed to loan,
interest free, the Public Safety Fund the needed money from both
the State Subventions and Bank Interest Funds by Resolution No.
89-9, and
WHEREAS, The loan should be from the Bank Interest Fund only.
NOW, THEREFORE, BE IT RESOLVED That Resolution No. 89-9
is rescinded.
BE IT FURTHER RESOLVED, That the City's Bank Interest Fund
will loan, interest free, up to $1,624,307 to the Public Safety
Fund. The loan will be paid back to the Fund from all revenues
generated by the Public Safety Fund until the loan is paid back
in full.
PASSED AND ADOPTED this 1st day of May 1989, by the
following vote:
AYES:
COUNCILMEMBERS:
GAGE HALE, KLOECKER MUSSALLEM,
PAU1ERLEE, VALDEZ and HUGllAN
NONE
NONE
NOES: COUNCILMEMBERS:
ABSENT: COUNCILMEMBERS:
RESOLUTION NO. 89-24
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I, SUSANNE E. STEINMETZ, City Clerk of the City of Gilroy, do
hereby certify that the attached Resolution No. 89-24
is an original
resolution, duly adopted by the Council of the City of Gilroy at a regular
meeting of said Council held on the
1st
day of
May
1989 ,
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 3rd day of May
19 89.
(Seal)