HomeMy WebLinkAbout031194 ORD - 07/25/2017 Ordinance advancing $655,910 in cash from the No. 1020 General
Fund and appropriating it in the No. 4690 Golf Fund as a loan to fund
improvements to the 9-hole executive golf course at Gabe Lozano Golf
Complex; loan to be repaid from the No.4690 Golf Fund in the principal
amount of$93,701.43 per year for seven years at a simple interest rate
of 3.5% annually; and amending the FY2016-2017 Operating Budget
adopted by Ordinance 030965 to increase expenditures in the No. 4690
Golf Fund by $655,910.
SECTION 1. That $655,910 is advanced from the No. 1020 General Fund to the No.
4690 Golf Fund as a loan to fund improvements to the 9-hole executive golf course at
Gabe Lozano Golf Complex. The loan will bear a 3.5% simple interest rate annually.
SECTION 2. That the No. 4690 Golf Fund will annually pay the amount of$93,701.43
plus 3.5% interest per year for seven years to the No. 1020 General Fund.
SECTION 3. That the FY2016-2017 Adopted Budget adopted by ordinance 030965 is
amended to increase expenditures by $655,910.
That the foregoing ord'nnce was read for the first time and passed to its second
reading on this the /t day of , 2017, by the following vote:
Joe McComb Ben Molina $ l
RudyGarza id�,r,/ / Lucy Rubio /
16Paulette Guajardo i Greg Smith
Michael Hunter I AI Carolyn Vaughn
i
Debbie Lindsey-Opel Lf
I
That the forgoing ordinance w as read for the second'time and passed finally on this
the 2- �`ay of ,i _ A , 2017, by the following vote:
1 I
031194
INDEXE
Joe McComb ale, Ben Molina `'� f_.
Rudy Garza t . � Lucy Rubio ---dif,--
Paulette Guajardo 04I 1 GregSmith 1
Michael Hunter (4-4
Carolyn Vaughn
•
Debbie Lindsey-Opel 14
PASSED AND APPROVED on this the Zdayof t, , 2017.
ATTEST:
0_ l'Ie (1K L t_ Kta. . ' V4-
Rebecca Huerta Joe i omb
City Secretary Ma •
+)31194