HomeMy WebLinkAboutCC RESO 97-129RESOLUTION NO. 97-129
RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF NATIONAL CITY
AUTHORIZING THE LOAN OF FUNDS
FROM THE SEWER BALANCE ACCOUNT TO
AN ACCOUNT FOR RED LIGHT
EMITTING DIODE (LED) FIXTURES
BE IT RESOLVED by the City Council of the City of National City that it
hereby authorizes and directs the following loan of funds:
FROM Account No. 125-2501
Sewer Fund Balance Account
TO: Account No. 001-409-500-598-1395
Traffic Light (LED) Retrofit Account
AMOUNT : $130,000.00
PURPOSE : For the purchase and installation of energy efficient red light emitting
diodes (LED's) in City traffic signals.
BE IT FURTHER RESOLVED that the loan shall be paid back from the Public
Works, Streets Maintenance Division's annual operating budget in four equal increments
starting in the third quarter of Fiscal Year 1999, and that the loan shall bear interest at the
rate of 6.723 % per annum on the unpaid balance.
Continued on Page Two
Resolution No. 97 -129
October 7, 1997
PASSED and ADOPTED this 7th day of October, 1997.
v.CL r
George Waters, Mayor
ATTEST:
Mic ael R. Dalla, City Clerk
APPROVED AS TO FORM:
/3 L. III
George H. iser, III
City Attorney