AgdaPkt 2013-05-06 - Laserfiche WebLink

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DES: dit- 6/17/93 (022/33) 6.2.A. - Page 6 i BE IT RESOLVED BY THE COUNCIL OF THE CITY OF REDWOOD CITY, AS FOLLOWS: l . The sum of One Million Three Hundred Thousand Dollars ($1 ,300 ,000) heretofore appropriated for Civic Center capital improvements , Capital Improvements Program, is hereby ordered transferred to the appropriation for the acquisition and construction of a downtown multi-story parking structure, Parking District Fund, as a loan for said purpose in accordance with the following terms : (a) Said loan shall be for a term of twenty (20) years , commencing July 1 , 1993 and expiring June 30 , 2013 ; (b) Interest shall accrue on the declining balance of said loan at annual rates equivalent to the rates of interest payable by the State of California on deposits made in the Local Agency Investment Fund for the purpose of investment as said fund is established and maintained pursuant to the provisions of Government Code Section 16429 . 1 et seq. ; provided, that the rates applicable to the loan herein established shall be those payable by the State on such deposits in said Local Agency Investment Fund as of the month of May next preceding the fiscal year (July 1 - June 30) for which calculation of each installment of principal and interest hereunder shall be made; provided, further, that if during the term hereof said Local Agency Investment Fund is disestablished, the interest payable on an equivalent or replacement state fund shall be substituted as the reference for interest payable hereunder. (c) Equal installments of principal and interest shall be payable on or before June 30 , each and every year of the term hereof until the principal amount shall have been fully repaid. d) Notwithstanding the foregoing , said loan may be repaid without penalty at any time during the term thereof by fully paying and transferring the remaining balance of principal and interest 2 ___ _ _ _