CC - 2008-71 - Advanced Loan of $3,055,000 to The Community Development Commission• 0 0
RESOLUTION NO. 2008-71
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ROSEMEAD
AUTHORIZING THE ADVANCE OF $3,055,000 FROM THE UNRESERVED,
UNDESIGNATED FUND BALANCE OF THE CITY'S GENERAL FUND FOR A LOAN
TO THE ROSEMEAD COMMUNITY DEVELOPMENT COMMISSION
WHEREAS, the Rosemead Community Development Commission ("RCDC") has
requested a loan of $3,055,000 from the City; and
WHEREAS, the proceeds of the loan are to be used by RCDC for the purchase
of real property; and
WHEREAS, it is the desire of the Rosemead City Council to authorize a loan
between the City and RCDC; and
WHEREAS; a loan is accounted for as an advance in the City's general ledger.
NOW THEREFORE, $3,055,000 shall be advanced to RCDC using unreserved,
undesignated fund balance in the City's General Fund (account no. 01-1710).
PASSED, APPROVED and ADOPTED this 26th day of August, 2008.
1 L--
N TRAN, MAYOR
ATTEST:
6Lt(i a
LO A MOLLEDA, CITY CLERK
APPROVED AS TO FORM:
0 9 0 0
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) SS.
CITY OF ROSEMEAD )
1, Gloria Molleda, City Cleric of the City of Rosemead, do hereby certify that the
foregoing Resolution 2008-71 being:
A RESOLUTION FO THE CITY COUNCIL OF THE CITY OF
ROSEMEAD AUHTORIZING THE ADVANCE OF S3,055,000.00 FROM
THE UNRESERVED, UNDERSIGNATED FUND BALANCE OF THE
CITY'S GENERAL FUND FOR A LOAN TO THE ROSEMEAD
COMMUNITY DEVELOPMENT COMMISSION
was duly and regularly approved and adopted by the City COLmClI on the 28th of
October, 2008, by the following vote to wit:
Yes:Clark, Low, Nunez, Taylor, Tran
No:None
Abstain: None
Absent:None
jGL'CCA W
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`Gloria Molleda
City Clerk