HomeMy WebLinkAboutResolutions 87-146 N.C.S. 05/18/1987MAY 18 1981 1 '7 ~
Resolution No. 87-14s N.C.S.
of the City of Petaluma, California
ACCEPTING AIRPORT LOAN
SON-4-86-L-6 FROM
THE STATE OF CALIFORNIA FOR $300, 000 . 00
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-6 in the
amount of $300, 000 .00 to construct Phase II of the airport hangar
complex, Suildings 1 and 2.
2. Said loan shall be repaid at an interest rate of 6.9435 percent over
a fifteen year period .
3. Said loan shall be repaid in successive annual payments of
$20, 000 . 00 plus accrued interest computed on a daily basis .
4. Additional payments on principal and interest may be made at any
time without penalty.
5. Construction of said project shall be completed by November 30,
1988, unless a time extension is granted in writing by the State of
California.
6. The Mayor or City Manager is authorized to execute all documents,
on behalf of the City, in connection with this loan.
Under the power and authority conferred upon this Council by the Charter of said City.
REFERENCE: I hereby certify the foregoing Resolution was introduced and adopted by the Approve o
reso A/P ~~c~~~the City of Petaluma at a(Regular) ( meeting f
CCY'es2 on the .------•-~:$tXl._..... day of -••-•....-•••-••-••--••-•.~~y.-••--••••--•••.........,, 19.._~~, by the
following vote: ••-----••- ----- ----•--•-••._...-•-----
ity ttorney
AYES: Davis, Sobel Woolsey, Balshaw, Vice Mayor Tencer, Mayor Hilligoss
NOES: 0 r
i
ABSENT: Qavanagh %~~ ' ' ~
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..._....--••
ATI'EST : '
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City Clerk~ /(L~~ Mayor ~
Council File ...............°°--°--°---......
cn io-a5 R~s. No..........87-146 n.cs..