2003/02/11 City Council Resolution (5)RESOLUTION NO. 2003 - 26
RESOLUTION OF THE ROHNERT PARK CITY COUNCIL APPROVING AN
INTERFUND LOAN BETWEEN THE GENERAL FUND AND THE ENDOWMENT
FUND FOR THE ELECTRONIC FREEWAY MESSAGE SIGN PROJECT COST
WHEREAS, the City Council of the City of Rohnert Park
approved the design and construction of an electronic freeway
message sign; and
WHEREAS, the purpose 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 space on
three permanent advertising panels; and
WHEREAS, the design, construction and electrical components
total an estimated project cost of $500,000; and
WHEREAS, the cost of the project is to be paid through a
loan from the Endowment Fund and repaid by advertising proceeds
deposited in the General Fund; and
WHEREAS, the loan will be repaid annually from the General
Fund to the Endowment Fund over a 10 -year term at no interest;
and
WHEREAS, the annual payment will be $50,000, made on June
1St of each fiscal year beginning June 1, 2003 and the final
payment on June 1, 2012 will be the balance due based on the
total project cost;
NOW, THEREFORE, BE IT RESOLVED that the Council does hereby
approve a loan agreement between the Endowment Fund and the
General Fund for the electronic freeway message sign project
cost.
DULY AND REGULARLY ADOPTED by the Rohnert Park City Council
this 11th day of February 201-ty
ATTEST:
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ITY OF ROHNERT PARK
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FLORES: AYE MACKENZIE: AYE NORDIN: AYE SPRADLIN: AYE VIDAK- MARTINEZ: AYE
AYES: (5) NOES: (0) ABSENT: (0) ABSTAIN: (0)