HomeMy WebLinkAboutCC Resolution 7696 (Purchase FAU Funds)RESOLUTION NO. 7696
RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF SAN RAFAEL AUTHORIZING THE PURCHASE OF
FEDERAL AID URBAN (FAU) FUNDS FROM THE
COUNTY OF MARIN
WHEREAS, the County of Marin has a FAU commitment of
$133,031 for the construction of signal improvements at the Redwood
Highway/Seminary Drive intersection for next fiscal year; and
WHEREAS, the County desires to sell said FAU funds which
are committed to that project in order to proceed with the construc-
tion of said project this year as part of a privately funded inter-
change project; and
WHEREAS, the City of San Rafael, after discussions,
expressed its interest in purchasing said FAU funds for 85 cents
on the dollar, or for $113,076, from the Northgate Activity Center
funds, so that the City could use said FAU funds for construction
of various proposed traffic signal projects in the Northgate area.
NOW, THEREFORE, IT IS HEREBY RESOLVED by the City Council
of the City of San Rafael to authorize the purchase of $133,031
in Federal Aid Urban funds from the County of Marin at 85 cents
on the dollar, or in the total amount of $113,076.
I, JEANNE M. LEONCINI, Clerk of the City of San
Rafael, California, hereby certify that the foregoing resolution
was duly and regularly introduced and adopted at a regular meeting
of the Council of said City held on the 21st day of March, 1988,
by the following vote, to wit:
AYES: COUNCILMEMBERS• Boro, Frugoli, Thayer & Vice -Mayor Breiner
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: Mayor Mulryan
JEANk)�.LEONCINA
I,ity Clerk
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