HomeMy WebLinkAboutResolution No. 5989RESOLUTION NO. 5959
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF SAN RAFAEL AUTHORIZING THE SIGN-
ING OF A PROMISSORY NOTE AGREEMENT WITH
THE MARIN MUNICIPAL WATER DISTRICT
THE CITY COUNCIL OF THE CITY OF SAN RAFAEL HEREBY RESOLVES
as follows:
The Mayor and City Clerk are authorized to execute, on behalf
of the City of San Rafael, a Promissory Note Agreement with the
Marin Municipal Water District for repayment of funds advanced by
City to District so as to complete District's water line rehabili-
tation project in Francisco Boulevard East, a copy of which is
attached hereto and incorporated herein by this reference.
I, JEANNE M. LEONCINI, City 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 6th day of October, 1980, by the
following vote, to wit:
AYES: COUNCILMEMBERS: Breiner, Jensen, Miskimen & Mayor Mulryan
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: Nixon
epgE M. LEONCINI, City Clerk
OT]) A -I
NAL
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PROMISSORY NOTE
AGREEMENT
THIS AGREEMENT, made on the STH day of C)LM81ER
1980 by and between the CITY OF SAN RAFAEL, a Municipal Corporation,
hereinafter called CITY and the MARIN MUNICIPAL WATER DISTRICT, a
Public Corporation, hereinafter called DISTRICT.
W I T N E S S E T H:
WHEREAS, earlier this year CITY took action to beautify and
improve Francisco Boulevard East from Irwin Street to Bellam Boulevard
involving proposed improvements to be constructed under an assessment
district, and
WHEREAS, CITY also established an underground utilities district
over the same area requiring that all utilities on Francisco Boulevard
East be placed underground, and
WHEREAS, based on past experience with water line breaks in the
area, DISTRICT'S existing water line in Francisco Boulevard East must
be replaced prior to commencement of CITY'S project work and utility
undergrounding, and
WHEREAS, in order to extend the limit of DISTRICT'S proposed
water line rehabilitation project easterly to Bellam Boulevard, and
thus allow CITY to comply with Council Resolution No. 5892, attached
hereto and incorporated herein by reference, CITY has agreed to loan
DISTRICT funds to complete DISTRICT'S water line rehabilitation
project.
NOW, THEREFORE, in consideration of the mutual promises herein-
after set forth, CITY and DISTRICT agree as follows:
1. CITY shall loan DISTRICT the necessary funds not to exceed
$250,000 to complete the rehabilitation of a 12 inch water
line located in Francisco Boulevard East from Grand Avenue
to Bellam Boulevard subject to the following schedule:
a. The work shall commence at Bellam Boulevard and
Francisco Boulevard East and shall proceed westerly
along Francisco Boulevard East to Harbor Street and
shall be completed by March 31, 1981.
b. The remainder of DISTRICT'S work from Harbor Street
to Grand Avenue shall be completed by May 1, 1981.
2. The term of the loan shall commence upon receipt of funds
and mature September 1, 1981. Said loan shall be repayed
in full, including interest by said date. Interest rates
shall be at 4.9% per annum on the first $200,000, with the
remainder to be at the actual rate of return of investments of
CITY funds over the period of time for which the funds are
loaned as determined by the City Treasurer but not to exceed
the maximum interest limit as set forth under state law
applicable to DISTRICT.
3. CITY actual administrative costs as determined by the City
Treasurer shall not exceed $1,000 and shall be paid on or
before September 1, 1981. Such administrative costs shall be
in addition to the interest payments.
4. Advancement of funds by CITY to DISTRICT shall be made on
demand by DISTRICT. DISTRICT shall request funds from CITY
on the first of each month. Said request from DISTRICT shall
be in writing with proof of payment to DISTRICT'S contractor
and proper invoices enclosed.
5. Payment by CITY to DISTRICT shall be made within seven (7)
days from receipt of DISTRICT'S written request.
6. This Agreement shall serve as a non-negotiable promissory note
wherein DISTRICT promises to pay to CITY those sums as stated
on those terms as set forth herein.
IN WITNESS WHEREOF the parties hereto have executed this Agree-
ment, the day and year first written above.
APPROVED:
2'1l/��°l•
City Attorney
APPROVED:
Watef District Attorney
CITY OF SAN RAFAEL
�• 0.r,._
Mayor
ATTEST:
C ty Clerk
MARIN MUNICIPAL /gATER DISTRICT