HomeMy WebLinkAboutCC Res 2984 1980-06-23
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RESOLUTI ON NO. :z 9 fJ .(j
A RESOLUTiON OF THE CITY COUNCIL OF THE CITY OF
SEAL BEACH, CALIFORNIA, AUTHORIZING A LOAN OF
$418,000 TO THE SEAL BEACH REDEVELOPMENT AGENCY.
THE CITY COUNCIL OF THE CITY OF SEAL BEACH HEREBY RESOLVES:
WHEREAS,
it has been determined that a cost overrun occurred in
construction of the Police facility amounting to
$290,000; and
WHEREAS,
it has been determined that a cost overrun occurred in
construction of the Senior Citizen Center/Library facility
amounting to $128,000; and
WHEREAS,
it is recognized that proceeds of the auction sale of the
old city yard were utilized to fund the foregoing projects
in the amount of $418,000.
NOW, THEREFORE, BE IT RESOLVED that the foregoing amount of $418,000
constitute a loan by the City of Seal Beach to the Seal Beach Redevelooment
Agency. Be it also resolved that the principal amount of $418,000 together
with simple interest at the rate of 10% per year effective July 1, 1977,
shall be repaid to the Plant & Equipment Fund of the City of Seal Beach
over the six year period commencing July 1, 1984, Be it further resolved
the repayment schedule shall be as follows:
I YEAR ANNUAL PAYMENT INTEREST PRINCIPAL
$668,000*
1984 $153,267 $ 41,800 111,467
557,333
1985 153,267 41,800 111,467
445,866
1986 153,267 41,800 111,467
334,399
1987 153,267 41,800 111,467
222,932
1988 153,267 41,800 111,467
111,465
1989 153,265 '41,800 111,465
$919,600 $250,800 0
*Includes 10% annual interest on $418,000 from 7-1-77 through 6- 30-83 of
$250,800.
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NOES:
ABSENT:
Counci lmembers
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Councilmembers
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