2010-36 1
RESOLUTION NO. 2010- 36
A RESOLUTION OF THE CITY.OF GRAND TERRACE, CALIFORNIA,
INTERFUND LOAN AGREEMENT BETWEEN
FACILITIES FUND AND TRAFFIC SAFETY FUND
WHEREAS,the Traffic Safety Fund is a special revenue fund of the City of
Grand Terrace; and
WHEREAS,the City owes an amount approximating$72,203.75 to contractor
for red light camera enforcement; and
WHEREAS,the City has used red light fine revenues in fiscal years 2008, 2009
and 2010 for law enforcement contract expenses from the Traffic Safety Fund; and
WHEREAS, sufficient funds are not available at this time in the Traffic Safety
Fund to currently pay all pay contractor for red light camera enforcement program
invoices; and
WHEREAS,the Facilities Fund is a special revenue fund of the City of Grand
Terrace; and
WHEREAS,the Facilities Fund has sufficient unreserved, unappropriated fund
balance to loan to the Traffic Safety Fund; and
NOW THEREFORE,the City Council of the City of Grand Terrace does hereby
resolve, declare, determine, and order as follows:
Section 1. Rescind Resolution 2010-34
Section 2. Authorize a revised loan amount from Facilities Fund in the amount of
$48,523.75 to Traffic Safety Fund.
Section 3. Payments due to the Facilities Fund shall be based on funds available from
the Traffic Safety Fund.
Section 4. Loan amount will accrue interest at the rate of Local Agency Investment
Fund(LAIF)rate.
2
PASSED, APPROVED, AND ADOPTED this 9th day of November 2010.
Attest:
City Clerk Mayor,
City of Grand Terrace City of rand Terrace
Approved as to form;
City Attorney
RESOLUTION NO. 2010-36
J
I,BRENDA MESA, CITY CLERK of the City of Grand Terrace, do hereby certify that the
foregoing Resolution was introduced and adopted at a regular meeting of the City Council of the City
of Grand Terrace held on the 9t'day of November, 2010 by the following vote:
AYES: Councilmember Stanckiewitz; Mayor Pro Tem Garcia and Mayor Ferre
NOES: None
ABSENT: Councilmember Cortes
ABSTAIN: None
City Clerk