HomeMy WebLinkAbout88-31 - Balboa Yacht Basin RedevelopmentRESOLUTION NO. 88- 31
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
NEWPORT BEACH APPROVING AN AMENDMENT TO THE
AGREEMENT WITH THE STATE TO PROVIDE FUNDING FOR
THE REDEVELOPMENT OF THE BALBOA YACHT BASIN AND
AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE
AMENDMENTS TO THE AGREEMENT.
. WHEREAS, the City of Newport Beach has entered into a
contract with the California Department of Boating and Waterways
for loans in the sum of $3.3 million to rebuild the Balboa Yacht
Basin; and
WHEREAS, these loans currently bear interest at the rate
of 7.9% per annum; and
WHEREAS, the State of California has approved a reduction,
in the interest rate on outstanding loans from 7.9% to 6%
retroactive to August 1, 1987; and
WHEREAS, this interest rate reduction would, if approved
by the City of Newport Beach, result in a total interest saving of
approximately $62,000 for the first year and slightly less each
succeeding year of the loan.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of Newport Beach that the Mayor and City Clerk are authorized
to approve an amendment to the City's contract with the California
Department of Boating and Waterways for the Balboa Yacht Basin
reconstruction loan to reduce the interest rate on the loan from
7.9% to 6% retroactive to August 1, 1987.
ADOPTED this 25th day of
ATTEST:
I
City Clerk
C- 23;7,:.