2010-34 RESOLUTION NO. 2010-34
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, current funds are not available in the Traffic Safety Fund to 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. Authorize loan amount from Facilities Fund is $72,203.75 to Traffic
Safety Fund.
Section 2. Payments due to the Facilities Fund shall be based on funds available from
the Traffic Safety Fund.
Section 3. Loan amount will accrue interest at the rate of Local Agency Investment
Fund(LAIF).rate.
PASSED, APPROVED,AND ADOPTED this 14th day of September, 2010.
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Mayor oft City of Grand Terrace
Attest:
City Clerk of the City of Grand Terrace
I, BRENDA MESA, City Clerk of the City of Grand Terrace, do hereby certify
that Resolution No. 2010- 34 was introduced and adopted at a regular meeting of the
City Council of the City of Grand Terrace held on the 14th day of September, 2010, by
the following vote:
AYES: Councilmembers Cortes and Stanckiewitz; Mayor Prbv,Tem Garcia and
Mayor Ferre
NOES: None
ABSENT: None
ABSTAIN: None
Brenda Mesa, City Clerk
Approved as to form:
City Attorney