2006/01/10 City Council Resolution (15)RESOLUTION NO. 2046 -17
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ROHNERT PARK
RESCINDING RESOLUTION NOS. 2003 -128 AND 2003 -26 APPROVING AN INTERFUND LOAN
REPAYMENT PLAN BETWEEN THE CITY'S GENERAL FUND AND THE ENDOWMENT FUND FOR
THE ELECTRONIC FREEWAY MESSAGE SIGN PROJECT COST AND DIRECTING ALL REVENUE
FROM THE SIGN TO THE PERFORMING ARTS CENTER
WHEREAS, on May 27, 2003 the City Council of the City of Rohnert Park adopted
Resolution No. 2003 -128 amending Resolution No. 2003 -26 and approving an interfund loan
repayment plan between the City's General Fund and the Endowment Fund for the Electronic
Freeway Message Sign Project Cost; and
WHEREAS, all revenues from the sign were to be deposited into the City's General
Fund; and
WHEREAS, a portion of the annual proceeds were to be reallocated from the General
Fund to the PAC Endowment Fund in satisfaction of its loan obligation, and
WHEREAS, the loan repayment plan was structured as a non - interest bearing, 10 -year
term loan with annual payments of $50,000.00 beginning on June 1, 2005. Subsequent payments
were scheduled for June I" of each year. The final payment would occur on June 1, 2015; and
WHEREAS, it is more efficient for revenue generated by the sign to remain in the
Performing Arts Center operating budget; and
WHEREAS, the put-pose of the sign is to advertise performances at the Spreckels
Performing Arts Center and to raise funds for the Performing Arts Center through the sale of
advertising space on three permanent advertising panels; and
WHEREAS, advertising proceeds from the sale of space on the Electronic Freeway
Message Sign are the funding source for repayment of the loan; and
WHEREAS, revenue generated by the sign is dedicated to the Performing Arts Center
and the General Fund contributes all of the operational shortfall; and
WHEREAS, retaining advertising proceeds in the Performing Arts Center Budget will
benefit PAC operations and reduce the impact on the General Fund; and
WHEREAS, this policy is consistent with the intent of the Endowment Fund;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Rohnert
Park that it does hereby authorize and approve rescinding Resolution Nos. 2003 -128 and 2003 -26
approving an interfund loan repayment plan between the City's General Fund and the PAC
Endowment Fund for the Electronic Freeway Message Sign Project Cost and direct all revenue
from the sign remain in the Performing Arts Center component of the General Fund.
DULY AND REGULARLY ADOPTED this I& day of January 2006.
CITY OF R IYEBT PARK
Mayor Tim Smith
BREEZE: AYE FLORES: AYE MACKENZIE: AYE
VIDAK- MARTINEZ: AYE SMITH: AYE
AYES: (5) NOES: (0) ABSENT: (0) ABSTAIN: (0)