HomeMy WebLinkAboutCC Res 2928 1979-11-12
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RESOLUTION NO. ,029;< 8:
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF SEAL BEACH, CALIFORNIA, AMENDING
THE 1979-80 WATER UTILITY BUDGET.
WHEREAS,
it has been deemed necessary to perform certain improvements
on the City Water Reservoir; and
WHEREAS, a loan of $400,000 was approved by Resolution 2855 adopted
January 22, 1979, to fund said improvements; and
WHEREAS, it is recognized the lowest responsible bid to perform said
improvements was $165,000 higher than the budgeted amount
of $400,000; and
WHEREAS. it is deemed necessary to modify the 1978-1979 budget to cover
the increased cost of improvements.
NOW, THEREFORE, BE IT RESOLVED that the budgeted loan payment of
$80.000 due March 1,1980, be deferred until March 1,1981, with the
loan bearing interest at 7% per annum effective March 1, 1980. in
accordance with the following schedules:
YEAR ANNUAL PAYMENT INTEREST PRINCIPAL
I $400,000
1981 $ 80,000 $ 28,000 52,000
348,000
1982 80,000 24,360 55,640
292,360
1983 80,000 20,465 59.535
232,825
1984 80,000 16,297 63,703
169,122
1985 80,000 11 .838 68,162
100,960
1986 80,000 7,067 72,933
.28,027
1987 80,000 1,962 28 , 027
$560,000 $109,989 -0-
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ALSO BE IT FURTHER RESOLVED that the budgeted administrative transfer
of $75,000 be deleted from the 1979-80 budget.
PASSED, APPROVED AND ADOPTED by the Ci~ Council ~he City of Seal
Beach at a me~ting he~ld 0 the~;I~_daY Of~-"--!'~"'2;bE1/~1979
by the followlng vote: I
AYES: Councilmen ~<<~. ~~
NOES: Councilmen ~
ABSENT: Councilmen ~~
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Mayor