HomeMy WebLinkAboutResolutions 88-099 N.C.S. 04/04/1988Resolution No.88-99 N.C.S.
of the City of Petaluma, California
.ACCEPTING AIRPORT LOAN
SON-4-86-L-7 FROM
THE STATE OF CALIFORNIA FOR $220,000
BE IT RESOLVED by the City Council of the City of Petaluma
as follows:
1. The City accepts California Airport Loan
SON-4-86-L-7 in the amount of $220,000.00 to
complete Phase III of 'the airport hangar complex,
Buildings 3 and 4.
2. Said loan shall be repaid at an interest rate of
7.4365 percent over a fifteen year period.
3. Said loan shall be repaid in successive annual
payments of $14,666.67 plus accrued interest
computed on a daily basis.
4. Additional payments on principal and interest may
be made at any time without penalty.
5. Construction of said project shall be completed by
May 30, 1989, unless a time extension is granted
in writing by the State of California.
6. The Mayor or City Manager is authorized to execute
all documents, on behalf of the City; in
connection with this loan:
Under the power and authority conferred upon this Council by the Charter of said City. r
REFERENCE: I hereby certify the foregoing Resolution was introduced and adopted by the Approve a
Council of the City of Petaluma at a (Regular) ~t~ox>za~e;~~~(S~ec~t) meeting fo 1 -°--
on the ...4th ............... day of ..........AP.ri1.............._..._..............-..-, 19--88, by the
A ~~:
following vote: •------------ -------~•-...-...-----------•
ty A"ttorney
AYES: Balshaw, Cavanagh, Davis, Tencer, Vice Mayor Woolsey, Mayor Hilligoss 'M
NOES: ~
ABSENT: Sobel ~~~~ ~~~
ATTEST: ..... .. . .................•--..............-------.. ....--•------ -.Gr~1~:~L1
City Clerk Mayor
Council File... ---... - - -
8 8- 9 5 .............
CA ]0-85 Res. No . ................. _........... N.C.S.