HomeMy WebLinkAboutResolutions 86-297 N.C.S. 10/27/19860 CT 2 7 1986 1 ~
Resolution No. 86-297 N.C.s.
of the City of Petaluma, California
ACCEPTING AIRPORT LOAN
SON-4-86-L-3 FROM
FROM THE STATE OF CALIFORNIA FOR $109,125.00
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-3 in the
amount of $109,125.00 to match AIP Grant (Project
3-06-0185-05; contract DTFA 08-85-C-30180) pursuant to
California Loan Agreement dated September 25, 1986.
2. Said loan shall be repaid at an interest rate of 6.9435 percent
over atwenty-five year period.
3. Said loan shall be repaid in successive annual payments of
$4, 365.00 plus accrued interest computed on a daily basis .
4. Additional payments on principal and interest may be made
by the City at any time without penalty.
5. Construction of said project shall be completed by
December 31, 1986, 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 Approved
Council of the City of Petaluma at a (Regular) ) ) meeting f _
on the ---22t11-.-......... day of ..................~t0}~.~r.....................-., 19~~ -., by the
following vote:
-------~--~• ityttorney -~.-----
AYES: SOBEL, ~VOOLSEY, CAVANAC~I, BALSIiAW, VICE MAYOR TENCER., MAYOR MATI'EI
NOES:
ABSENT: DAVISP
ATTEST: -•----.._....-',~--`.......---- -• ................. _...-•---..-..-..........-........
City Clerk
Council File---••--•----°--°------.-.-...-.-
CA 10-85 Rcs. No. .....06...297...... N.cs.
Mayor