HomeMy WebLinkAbout93-35 - Balboa Yacht Basin Reconstruction LoansRESOLUTION NO. 93-35
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF NEWPORT BEACH AUTHORIZING THE MAYOR AND THE
CITY CLERK TO APPROVE AN AMENDMENT TO THE
CITY'S CONTRACT WITH THE STATE DEPARTMENT OF
BOATING AND WATERWAYS FOR THE BALBOA YACHT
BASIN RECONSTRUCTION LOANS.
0 WHEREAS, in November, 1982 and August, 1983, the City of
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Newport Beach borrowed $3.3 million from the Department of Boating
and Waterways to rebuild and reconstruct the Balboa Yacht Basin;
and
WHEREAS, the interest rate of these loans was originally 7.9%
but was reduced to 6.0% by the Department of Boating and Waterways
in 1988; and
WHEREAS, the Boating and Waterways Commission has now approved
an interest rate reduction to 4.5% and the City Council desires to
reduce the Balboa Yacht Basin loan to the new interest rate.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City
of Newport Beach as follows:
1. The Mayor and City Clerk are hereby authorized to execute
all documents necessary or appropriate to reduce the interest rate
of the Balboa Yacht Basin loans to 4.5% consistent with the action
taken by the Boating and Waterways Commission in November, 1992.
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