HomeMy WebLinkAboutCC RESO 91-181RESOLUTION NO. 91-181
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
NATIONAL CITY REQUESTING SANDAG TO PROVIDE
ADVANCE FUNDING THROUGH DEBT FINANCING FOR
IMPROVEMENTS ON REO DRIVE FROM STATE ROUTE 54
TO SWEETWATER ROAD
WHEREAS, SANDAG, acting as the San Diego County Regional
Transportation Commission, is responsible for the administration of
the TransNet program (Proposition A, November 1987); and
WHEREAS, to accelerate the implementation of sales tax
funded projects, SANDAG has established a debt financing program
for eligible projects under the TransNet program; and
WHEREAS, the following projects being implemented by the
City of National City have been approved by SANDAG through the
1991-1992 TransNet Program of Projects and would benefit from the
availability of advance funding:
REO DRIVE - STATE ROUTE 54 TO SWEETWATER ROAD CONSTRUCTION
$2,000,000
NOW, THEREFORE, BE IT RESOLVED by the City of National
City as follows:
1. That the City Manager is hereby authorized to request
advance funding from SANDAG through the debt financing program in
an amount not to exceed $2,000,000.
2. That the City Manager is hereby authorized to execute
any necessary documents relating to the receipt of said funds from
SANDAG.
3. That the City of National City will be responsible
for paying its proportionate share of the issuance costs and
overall annual debt service requirements of the SANDAG debt
financing program and that such costs shall be the first priority
use of the City of National City annual allocation of TransNet
revenues.
Continued on Page Two
Resolution No. 91-181
Page 2 of 2
PASSED and ADOPTED this loth day of September, 1991.
George H. Waters, Mayor
ATTEST:
Anne Peoples, Ci yxCle Clerk
APPROVED AS TO FORM:
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Georg H. riser, III
City Attorney