Res 86-03086-030
A RES(~2TION (~ ~ CITY COUNCIL
AbD AM~I~ THE CITY'S BUDGET TO PROVIDE FOR SAID LOAN
WBm~EAS, the City Council of the City of Poway (the "City")
desires to authorize a loan to the Poway ~develclmrent Agency; and
~]~REAS, the terms and conditions of said loan in the ~nount of
$502,000 are set forth in a loan agreement to be adopted by the Poway
NOW, THEREFCRE, BE IT RRe~LV~D BY THE CITY CO3~EIL C~ ~{E CITY
C~ P(~AY AS FOLLOWS:
Section 1: That a loan in the ~nount of $502,000 to the Poway
Redevelog~ent Agency is hereby authorized.
Section 2: The amount of $502,000 is hereby appropriated from the
City's Street Develc~m~ent Fund for the purpose of providing said
loan to the Poway Redevelqm~_nt Agency.
Section 3: The ten~s and coDa{tions of said loan shall be as set
forth by R~solution of the Poway Redevelogm~nt D&3ency accepting
said loan and ~m~_nding its budget to authorize expenditure
PASS~D, ADOl~r~u Ah~ APPRDV~D, by the City Council of the City of
Poway, California, at a regular/~-c~ting thereof this 1st day of April,
1986. ~
Carl R. Kruse, Mayor
Marjorie K. Wahlsten, City Clerk
R/Lo,_n3