HomeMy WebLinkAboutCC RESO 8613RESOLUTION NO. 861.3
A RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF NATIONAL CITY PLEDGING
EXPENDITURE OF CIVIC CENTER BOND
PROCEEDS.
WHEREAS, the City Council has unanimously determined
that development of a new Civic Center is necessary and beneficial to
the City and the efficient administration thereof and,
WHEREAS, the City Council has unanimously determined
that the issuance of general obligation bonds is the most economical
method of financing the cost of construction and,
WHEREAS, it has been evaluated that a maximum of
$1, 000, 000 will provide sufficient funds for construction of the facility
necessary to house the various departments and functions of the City
government and,
WHEREAS, it is the intention of the City Council not to
expend monies from the bond issue proceeds for any purpose other
than the construction cost and direct related expenses of the Civic
Center project.
NOW, THEREFORE, the City does hereby resolve as
follows:
1. Bids for construction of the Civic Center
will be advertised and received, but not
awarded, prior to the sale of the bond
issue.
2. Bonds will be sold only in the amount
necessary to meet construction costs
and direct related expenses of the
Civic Center project.
3. Any bonds authorized under the $1, 000, 000
issue not necessary for construction and
directed related expenses will be canceled
and therefore cannot or will not become
a legal debt of the City.
APPROVED AND ADOPTED this % !' day of -?t.
yor of the City ^ f
National City, lifornia
AYES Allen, Colburn, Hart,
morga1 Gautereaux
NAYES None
ATTEST:
City Clerk of the City of
National City, California
(SEAL)