HomeMy WebLinkAboutResolution - 2427 Sea n h sv't
STATE OF CALIFORNIA ) RESOLUTION NO. 2427
COUNTY OF RIVERSIDE)ss
CITY OF SAN JACINTO
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SAN JACINTO, CALIFORNIA, TO ACCEPT CAPITAL
IMPROVEMENT LOAN FROM THE COUNTY OF RIVERSIDE
WHEREAS, the City of San Jacinto is in need of funding for Capital
Improvement projects such as East Main Street Revitalization, Sanderson
Avenue, Kirby Avenue and other projects included in, but not limited to, the Five
Year Capital Improvement Plan filed with RCTC, and
WHEREAS, the City of San Jacinto has an opportunity to receive a $1
Million non interest bearing loan from the County of Riverside for the purpose of
public improvements in the City of San Jacinto, and
WHEREAS, it is in the public interest to accept a Capital Improvement
Loan from the County of Riverside to accelerate public projects, and
WHEREAS, the City shall repay said loan from the County of Riverside
within a period not to exceed five years from the date of such loan, and
WHEREAS, the City would repay said loan from future Measure A
Transportation Funds, CDBG Funds or any other City or Redevelopment funds
available and unencumbered.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
San Jacinto as follows:
Section 1. The City shall accept a non interest bearing Capital
Improvement Loan from the County of Riverside.
Section 2. The City shall repay said loan on or before five years from the
date of funding.
Section 3. The City shall use loan proceeds only for Capital
Improvements such as roads or other infrastructure.
APPROVED AND ADOPTED this 24th day of April, 2003
Ayes: Carlson-Buydos, Shaw, Stubblefield, Ayres
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Nays: None
Absent: Stubblefield
r.. Abstain: None
" . • City of Sari J cinto
a 1plm Ayr , Mayor
ATTEST:
orothy L. houinard, City Clerk
Now
ti..
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