HomeMy WebLinkAboutCC 11 PADS OPER EXP 03-16-81DATE:
March 10, 1981
CONSENT CAT .k'~]DAR
3-16-81
Inter-Corn
TO:
FROM:
SUB,IECT:
Honorable Mayor and City C%o~cil Members
Ron Nault, Finance Directo~
PADS Operating Expenses
BACKGROUND
PADS has, on occasion, experienced cash flow shortages due to delays in
receipts from contract cities.
DISCUSSION
PADS currently has a short term situation that requires a minimum input of
cash to meet expenses until some receivables can be cleared. The employ-
ment of the new manager is a major step in this direction.
RECOMMENDATION
It is recommended that coUncil authorize the temporary loan to PADS of $35,000,
payable June 30, 1981, at 10% interest per annum. Due to the recently adopted
Council policy, this appropriation will require five (5) affirmative votes.
This action will have no effect on the City's spending limitation.
1
4
5
6
?
8
10
11
15
17
19
~0
~6
£?
£8
~9
SO
RESOLUTION NO 81-31
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
TUSTIN APPROVING THE LENDING OF FUNDS ON A
TEMPORARY BASIS TO PUBLIC AGENCY DATA SYSTEMS
SYSTEMS TO MEET CURRENT OPERATING EXPENSES
WHEREAS, City is a member of the Joint Exercise of Powers
Authority known as Public Agency Data Systems; and
WHEREAS, in order to meet current operational expenses,
PADS has requested the member Cities to loan money to it; and
WHEREAS, the City Council has determined that the City is
able to make a temporary loan of money as authorized by the
provisions of California Government Code Sections 6504 and
53850 et seq., together with the provisions of the Joint Powers
Agreement.
NOW, THEREFORE, the City Council of the City of Tustin
does hereby RESOLVE as follows:
Section 1: That a loan in the sum of $ is
hereby approved to be made to Public Agency Data Systems to meet
current operational expenses of Public Agency Data Systems.
Secti.on 2: That said loan shall be repaid not later than
June 30, 1981, and shall bear interest at the rate of ten (10%)
percent per annum.
PASSED AND ADOPTED at a regular meeting of the City Council
this day of , 1981.
ATTEST:
City Clerk
Mayor