HomeMy WebLinkAboutRES CC 1999 1638 1999 0721RESOLUTION NO. 99 -1638
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
MOORPARK, CALIFORNIA, ESTABLISHING AN INTEREST
RATE CHARGED ON THE LOAN OF CITY FUNDS.
WHEREAS, the City of Moorpark has loaned funds to the
Moorpark Redevelopment Agency for various purposes; and
WHEREAS, the interest rate charged on those loaned funds
has been ten percent (10 %) simple interest payable annually; and
WHEREAS, in consideration of the Agency's accelerated
repayment of the loaned amounts to the City the City proposes to
reduce the annual interest rate charged.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF MOORPARK
DOES HEREBY RESOLVE AS FOLLOWS:
SECTION 1. Effective July 1, 1999, the interest rate
charged to the Moorpark Redevelopment Agency for any City funds
loaned to it shall be a rate of eight percent (8 %) per annum
simple interest.
SECTION 2. The interest due on all outstanding loan
balances shall be paid by the Agency to the City prior to June
15 of each year for that year.
SECTION 3. The City Clerk shall certify to the adoption of
this resolution and shall cause a certified resolution to be
filed in the book of original Resolutions.
PASSED AND ADOPTED this 21St day pf-\ July 1999.
trick Hurter, Mayor
ATTEST:
Deborah S. Traffenstedt, City Clerk
Resolution 99 -1638
Page 2
STATE OF CALIFORNIA )
COUNTY OF VENTURA ) SS.
CITY OF MOORPARK )
I, Deborah S. Traffenstedt, City Clerk of the City of
Moorpark, California, do hereby certify under penalty of perjury
that the foregoing Resolution No. 99 -1638 was adopted by the
City Council of the City of Moorpark at a meeting held on the
21s" day of July, 1999, and that the same was adopted by the
following vote:
AYES: Councilmembers
and Mayor Hunter
NOES: None
ABSENT: None
ABSTAIN: None
Evans, Harper, Rodgers, Wozniak
WITNESS my hand and the official seal of said City this 12th
day of February, 2001.
Deborah S. Traffens dt, City Clerk
(seal)