Laserfiche WebLink
1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />RESOLUTION NO. R-08-08 <br />RESOLUTION OF THE CITY COUNCIL APPROVING A LOAN <br />AGREEMENT BETWEEN THE INTERNAL SERVICE FUND AND <br />GENERAL FUND, IN THE AMOUNT OF $200,000, FOR THE FUEL TANK <br />REPLACEMENT PROJECT. <br />WHEREAS, the City of Colton is a municipal corporation duly organized and existing <br />pursuant to the Constitution and laws of the State of California ("City"); <br />WHEREAS, the City has agreed to enter into a loan agreement for the purpose of <br />funding the construction of the Fuel Tank Replacement Project to comply with regulations as <br />set by the State Water Resources Control Board; <br />WHEREAS, the Internal Service Fund has available funds it can make available to the <br />General Fund to finance the construction phase of the Fuel Tank Replacement Project; <br />WHEREAS, the promissory note attached hereto as Exhibit "A" outlines the terms of <br />the loan: $200,000 principal loan, five year repayment, with interest at current LAIF rate; and <br />WHEREAS, the City General Fund will repay the Internal Service Fund by <br />implementing a user surcharge on fuel used by city vehicles. <br />NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF <br />COLTON DO HEREBY RESOLVE AS FOLLOWS: <br />1. Increase funds to reflect loan amount of $200,000 in expense account 605-6150-8700- <br />3890. <br />PASSED, APPROVED AND ADOPTED THIS 5th DAY OF FEBRUARY 2008. <br />- Va4 9 — <br />KELLY J. YH STAIN, Mayor <br />ATT <br />AROLINA R. PADILLA, CMC <br />City Clerk <br />