CC Resolution 10084
10084
Joint Resolution No. 2002-1.0
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CAMPBELL &
CAMPBELL REDEVELOPMENT AGENCY APPROVING THE USE OF DEBT
PROCEEDS FOR SPECIFIED CAPITAL PROJECTS AND RELATED BUDGET
ADJUSTMENTS
WHEREAS, the City of Campbell and the City of Campbell Redevelopment Agency
issued the 2002 Refunding Certificates of Participation (2002 COPs) and Central Campbell
Redevelopment Project Tax Allocation Bonds, Series 2002 A (2002 TABs); and
WHEREAS, the City received new proceeds of $1.83 million from the 2002 COPs
which is restricted for use within the Civic Center Project, and $13.7 million from the 2002
TABs which is restricted for use within the Campbell redevelopment project area; and
WHEREAS, the City has identified capital projects that would be funded with $7.4
million of General Fund reserves (CIPR) that may be supplanted with the debt proceeds, thereby,
allowing the CIPR funding to be used for other purposes deemed appropriate by the City;
NOW, THEREFORE, BE IT RESOLVED, that the City Council approve allocating
the 2002 COPs proceeds as follows: $1,475,000 to supplant CIPR funding of the Police
Department Addition & Remodel (#9808) and $325,000 to increase funding of the Animal
Shelter project (#0301); and
BE IT FURTHER RESOLVED, that the 2002 TABs be allocated as follows: $930,000
to supplant CIPR funding of the Community Center Master Plan Improvements (#9905) and
$1,673,000 in additional appropriations; and $4,325,000 to supplant CIPR funding of the
Heritage Theater Renovation (#0002);
BE IT FURTHER RESOLVED, that related budget adjustments be prepared by staff to
modify the funding sources accordingly.
PASSED AND ADOPTED this 3rd of September, 2002, by the following roll call vote:
AYES:
Council!Agencymembers Dean, Burr, Kennedy, Furtado, Watson
NOES:
Council! Agency members None
ABSENT:
Council/Agency members None
APPROVED:
~A--
Jetdfette Watson, Mayor/Chairperson
ATTEST:
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AJrre Bybee, City Clerk