HomeMy WebLinkAbout89-18 CC ResolutionRESOLUTION NO. 89-18
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF TEMECULA AUTHORIZING THE ISSUANCE OF
CERTAIN EVIDENCES OF INDEBTEDNESS
WHEREAS, the City of Temecula (the"City") was incorporated on December 1,
1989; and
WHEREAS, the City has the power to borrow and incur indebtedness, for the
purpose for which it is authorized to expend funds; specifically for operating expenses; and
WHEREAS, the City is authorized to borrow under Government Code Section
53850, et seq.; and
WHEREAS, the County of Riverside is authorized to lend funds to the City under
Government 23010.2 and California Constitution Article 16, Section 6;
WHEREAS, this borrowing shall be evidenced by concurrent resolutions adopted by
the City and County on December 12, 1989.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF TEMECULA
DOES RESOLVE, DETERMINE, AND ORDER AS FOLLOWS:
Section 1. The City may borrow from the County based on the provisions allowing
constitutional advances as funds are needed between the date of this resolution and June 30,
1989.
Section 2. As needed, the City Manager or his designee may draw funds from the
County Auditor in a total amount of no more than 85 % of the amount of projected revenues
to be received by the City between December 1, 1989 and June 30, 1990 as set out in the
incorporation feasibility study.
Section 3. On or before June 30, 1990, the City shall repay all funds so advanced,
plus simple interest on such funds at the rate of 6.25% per annum.
Section 4. This authorization in no way~h~ability to borrow other
funds as allowed by law.
Ron J. Parks, Mayor
ATTEST:
Frank Aleshire, City Clerk
Rems 89-18
STATE OF CALIFORNIA)
COUNTY OF RIVERSIDE) SS
CITY OF TEMECULA )
I, F.D. Aleshire, City Clerk of the City of Temecula, HEREBY DO CERTIFY that
the foregoing Resolution No. 89-18 was duly adopted at a regular meeting of the City of
Temecula on the 12th day of December, 1989, by the following roll call vote:
AYES: 5
COUNCILMEMBERS:
Birdsall, Lindemans, Moore, Mufioz,
Parks
NOES:
0 COUNCILMEMBERS: None
ABSENT: 0 COUNCILMEMBERS: None
Resos 89-18