HomeMy WebLinkAboutRESOLUTIONS - 01011968 - 1968-521 IN THE BOARD OF SUPERVISOR`,'
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CONTRA COSTA COUN Y, STATE OF CALIFORNIA
In the Matter of Approving; theRESOLUTION NO. 8/521
Loan of County Funds to the }
City of Lafayette 1 (Gov. C.' 2 € Ib.2)
The Board of Supervisors of Centra 'Costa County RESOLVES' THAT:
The City Council of the City of Lafayette has , by its Res olu-
tion No. 9-68., requested the County of Contra Costa to authorize
the lending or not to exceed $1,50 ,000,00 to the <City of Lafayette
upon '';the teras and conditions set forth. In .Resolution No. 9-68
and as prescribed by law.
This Beard finds that the City of L fayotte Is within the
boundaries of Contra Costa: County , ;has been incorporated' less than
one year, and 'that the amount of 4,400.00 does hot exceed eiFhty-
five ',percent (85x)' of the city's anticipated revenues for this
fiscal year.
The lending of up to $150,000,00 during this fiscal year to
the City of Lafayette by the County is hereby approved and the
Auditor-Controller is authorised to disburse portions of said
$150,000.00 to the City upon presentation by the City, of nates
in such form at is approved by the >County Auditor-Controller in
favor of the County for said loans
The Auditor-Controller shall land no more than 45.0,.000,00 of'i
the wIC,000.€0 to the City prier to December 10, 1 68. The` Inter--
est each loan to the City hal. bear is' to be as detbr €lned and
pproved b; the Auditor-Controller at the time of each roan to the
City of a portion of the $150,00:0.00, but shall in no event exceed
6 percent per annum.
All loans made to the City pursuant to this 'resolution Shall
be repaid to the County not later than the last 'day ofthis fiscal
year, June 30, 1969 .
PASSED AND ADOPTED an August 6 , 19168,$ by this Board.
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RESOLUTION NO. 68/521