2003/05/27 City Council Resolution (11)RESOLUTION NO. 2003 -128
RESOLUTION OF THE ROHNERT PARK CITY COUNCIL 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
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
six 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;
NOW, THEREFORE, BE IT RESOLVED, that the City Council of the
City of Rohnert Park does hereby amend Resolution No. 2003 -26 to
approve the inter -fund loan payment plan for the Electronic
Freeway Message Sign Project stipulating that the annual payment
will be $50,000, made on June 1 of each fiscal year beginning
June 1, 2005 and the final payment on June 1, 2015 will be the
balance due based on the total project cost; and
BE IT FURTHER RESOLVED that the Council does hereby approve
this 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 CITY
this 27th day of May 2003. __ ..- -a
ATTEST: CITY OF ROHNERT PARK