HomeMy WebLinkAboutCC Resolution 12162 (Repayment of Court Revenues)RESOLUTION NO. 12162
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN RAFAEL
APPROVING AND AUTHORIZING THE CITY MANAGER TO EXECUTE A
PROMISSORY NOTE BETWEEN THE CITY AND THE SUPERIOR COURT OF
CALIFORNIA/COUNTY OF MARIN FOR THE REPAYMENT OF COURT REVENUES
WHEREAS, the City of San Rafael (the City) desires to obtain financing for the $1,138,458
owed to the Superior Court of California/County of Marin for the repayment of court revenues; and
WHEREAS, the Superior Court of California/County of Marin will provide a cost effective
financing arrangement at a 3.873 percent interest rate for 60 months; and
WHEREAS, the payments will be deducted from the monthly remittances paid to the City
for fines and forfeitures;
NOW, THEREFORE, it is resolved by the City Council of the City of San Rafael as follows:
The CITY MANAGER is authorized to execute, on behalf of the City, a promissory note
between the City and the Superior Court of California/County of Marin for the repayment of Court
Revenues.
1, JEANNE M. LEONCINI, Clerk of the City of San Rafael, hereby certify that the foregoing
resolution was duly and regularly introduced and adopted at a regular meeting of the City Council
of said City held on Monday the 4th day of December, 2006, by the following vote, to wit:
AYES: COUNCILMEMBERS: Cohen, Heller, Miller, Phillips & Mayor Boro
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: None
JEANNE M. LEONCINI, City Clerk
WAManagement Services- WorkFile\Finance- WorkFile\Council Material\Resolutions\2006\City\County Court Promissory
Note Resolution.doc
PROMISSORY NOTE
(Executed in Duplicate)
$1,138,458.00
In exchange for valuable consideration, CITY/TOWN OF San Rafael ("Obligor") promises to
pay the amount of $1,133,458.00, plus interest to SUPERIOR COURT OF CALIFORNIA,
COUNTY OF MARIN ("Obligee"). This amount will be paid in monthly installments of
$20,809.46 and will be deducted prospectively from the Court's monthly remittance to Obligor
for its statutory share of current fines and forfeitures until all such balances are paid in full.
Interest shall continue to accrue on each installment payment, commencing on the date of
execution of this note to the date of payment, at the annual rate of 3.873%, the earnings rate of
the Pooled Money Investment Account for the 2005-2006 fiscal year.
The first payment of $20,809.46 will be deducted from the monthly remittance paid to Obligor
for fines and forfeitures for the month of December 2006. Obligor agrees that failure to pay the
installment payments due materially breaches the terms of this Promissory Note.
In the event that Obligor defaults in its payment to Obligee, as stated herein, all unpaid principal
and accrued and unpaid interest shall become immediately due and payable to Obligee without
notice to Obligor and Obligee may thereafter take appropriate administrative or legal action to
collect said sum. Such actions may include collection of unpaid balances from Obligor's
property tax revenues, other court fines and forfeitures, or other appropriate revenues.
This Promissory Note has been entered into in County of Marin and is to be performed in Marin
County. In the event of lawsuit, the undersigned agrees that venue will be in the Marin County
Superior Court.
This note is the entire agreement between the parties and can only be modified in writing signed
by all parties.
DATED: L_- I D (fa
SUPERIORCOURT OF CALIFORNIA
COUNTY OF MARIN
By: C`t 1- - O
HON. LYNN DURYEE, Presiding Judge
CITY/rp,
OF S N RAF
By:al
KFMlNORDHOFF, C anager