File #: 17-0847    Version: Name:
Type: Ordinance Status: Passed
File created: 6/30/2017 In control: City Council
On agenda: 7/18/2017 Final action: 7/25/2017
Title: Second Reading Ordinance - Cash Loan from General Fund to Golf Fund for improvements at Gabe Lozano Golf Complex (1st Reading 7/18/17) Ordinance advancing $655,910 in cash from the No. 1020 General Fund and appropriating it in the No. 4690 Golf Fund as a loan to fund improvements to the 9-hole executive golf course at Gabe Lozano Golf Complex; loan to be repaid from the No. 4690 Golf Fund in the principal amount of $93,701.43 per year for seven years at a simple interest rate of 3.5% annually; and amending the FY2016-2017 Operating Budget adopted by Ordinance 030965 to increase expenditures in the No. 4690 Golf Fund by $655,910.
Sponsors: Parks and Recreation Department
Attachments: 1. Agenda Memo - General Fund Loan to the Golf Fund, 2. Ordinance - General Fund Loan to the Golf Fund, 3. Golf Fund Payback Schedule to the General Fund, 4. GabeLozano - 9-Hole Master Plan

Title

Second Reading Ordinance - Cash Loan from General Fund to Golf Fund for improvements at Gabe Lozano Golf Complex (1st Reading 7/18/17)

 

Ordinance advancing $655,910 in cash from the No. 1020 General Fund and appropriating it in the No. 4690 Golf Fund as a loan to fund improvements to the 9-hole executive golf course at Gabe Lozano Golf Complex; loan to be repaid from the No. 4690 Golf Fund in the principal amount of $93,701.43 per year for seven years at a simple interest rate of 3.5% annually; and amending the FY2016-2017 Operating Budget adopted by Ordinance 030965 to increase expenditures in the No. 4690 Golf Fund by $655,910.