HomeMy WebLinkAboutRES 89-26RESOLUTION NO. 89-26
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF DIAMOND BAR APPROVING AND RATIFYING A LINE
OF CREDIT WITH SECURITY PACIFIC NATIONAL BANK.
A. Recitals.
(i) The City of Diamond Bar was incorporated on
April 18, 1989 as a general law city.
(ii) It is necessary and prudent that the City enter
into an agreement with Security Pacific National Bank to provide
for funds to sustain the City's needs in anticipation of the
generation of revenue on behalf of the City.
B. Resolution.
"1 NOW, THEREFORE, the City Council of the City of
Diamond Bar does hereby resolve, determine and order as follows:
1. The Mayor is hereby authorized and directed to
execute any and all documents necessary to establish a $100,000
working capital line of credit on behalf of the City of
Diamond Bar through Security Pacific National Bank.
2. The Mayor and Treasurer hereby are authorized to
incur indebtedness on behalf of the City from and after the date
of this Resolution.
3. The Treasurer hereby is directed and authorized to
remit to Security Pacific National Bank a sum not to exceed
$2,500.00 as and for commitment and/or generation fees.
1
4. Any and all documents heretofore executed by the
Mayor on behalf of the City with respect to the line of credit
established hereby are specifically ratified and approved by the
City Council.
5. The City Clerk shall certify to the adoption of
this Resolution.
I, GEORGE CASWELL , City Clerk of the City of
Diamond Bar, do hereby certify that the foregoing Resolution was
introduced at a regular meeting of the Council of the City of
Diamond Bar held on the 25 day of April , 1989, and
was finally passed at a regular meeting of the Council of the
City of Diamond Bar held on the 25 day of April
1989, by the following vote:
AYES' COUNCIL MEMBERS• HORCHER, WERNER, MILLER
FORBING and PAPEN
NOES: COUNCIL MEMBERS: None
ABSENT: COUNCIL MEMBERS: None
ABSTAINED: COUNCIL MEMBERS: None
ATTESst
City Clerk of the City of
Diamond Bar
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