HomeMy WebLinkAboutCC RESO 13,726RESOLUTION NO. 13,726
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
NATIONAL CITY ESTABLISHING THE PLAZA BONITA
LEASE -REVENUE BOND FUND
WHEREAS, an agreement was entered into on the
12th of June, 1977 by and between the City of National City,
the Parking Authority of the City of National City, and the
May Stores Shopping Centers, Inc. to cooperate in the con-
struction of a Public Parking Area adjacent to the Plaza
Bonita Shopping Center for the use of the citizens of National
City, and the public generally, and
WHEREAS, Section 3.2 of said Agreement provides
that the Parking Authority lease the Public Parking Area to
the City for an annual rent sufficient to pay the principal
of and interest on the bonds that will be sold by the Parking
Authority in accordance with Section 4.1 of said Agreement,
and
WHEREAS, prudent fiscal management requires that
funds be reserved to insure that the City's obligation under
said Agreement are satisfied.
NOW, THEREFORE, BE IT RESOLVED by the City Council
of the City of National City as follows:
1. That there is hereby established a special
revenue fund to be know as the PLAZA BONITA LEASE -REVENUE
BOND FUND.
2. That said Fund shall be an accumulation of
monies from the City's allocation of sales taxes from the
businesses located at the Plaza Bonita Shopping Center.
3. That said sales taxes shall be credited to
the Fund upon determination of the actual City allocation
as compiled by the City Treasurer/Finance Department from
the State Board of Equalization monthly sales tax return
reference list.
4. That said Fund shall be used to pay the
Parking Authority for the rent of the Public Parking Area
at the Plaza Bonita Shopping Center.
5. That the City Council may, at its option,
from time to time, by resolution, transfer any amount from
said Fund to any existing fund, or add to the amount in said
Fund by transferring unencumbered surplus from any existing
fund.
1982.
ATTEST:
PASSED AND ADOPTED this 12th day of January,
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