HomeMy WebLinkAboutResolution 2006-179 N.C.S. 10/16/2006 Resolution No. 2006-179 N.C.S.
of the City of Petaluma, California
RESOLUTION APPROVING THE WRITE OFF OF THE INTERFUND ADVANCE
BETWEEN PETALUMA COMMUNITY DEVELOPMENT PROJECT AREA FUND
AND THE MARINA FUND, IN THE AMOUNT OF $1,274,685.00
WHEREAS, beginning in 1992, through 2001, the Petaluma Community Development
Commission loaned funds, in the amount of $966,700.00 principal and $307,985.00 unpaid
accrued interest, to the Marina Fund, with the intention of being repaid when Marina Fund's cash
flow permitted; and,
WHEREAS, the Marina Fund does not have the intention or ability to repay the advance;
and,
WHEREAS, the continuance of the interfund advance on PCDC's financial statement is
contrary to governmental accounting principals, because there is not the intention or ability to
repay by the Marina Fund.
NOW, THEREFORE, BE IT RESOLVED that the interfund advance between PCDC
and the Marina Fund, in the amount of $1,274,685.00 be written off as uncollectible.
Under the power and authority confen-ed upon this Council by the Charter of said City.
REFERENCE: I hereby certify the foregoing Resolution was introduced and adopted by the Approved s o
Council of the City of Petaluma at a Regular meeting on the 16°i day of October, form:
2006, by the following vote:
City tt y
AYES: Mayor Glass, Harris, Healy, Vice Mayor Nau, O'Brieh, Torliatt
NOES: None - -
ABSENT: None -
" _ n
ABSTAIN: None
_ -
-
ATTEST: _
City Clerk Mayor `
Resolution No. 2006-179 N.C.S. Page 1