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