HomeMy WebLinkAboutR 8152 MOU for Construction funding - Performing Arts Centern
RESOLUTION NO. 8152 (1993 SERIES)
RESOLUTION OF THE COUNCIL OF THE CITY OF SAN LUIS OBISPO
ENTERING INTO A MEMORANDUM OF UNDERSTANDING AGREEMENT
FOR CONSTRUCTION PHASE FUNDING OF THE PERFORMING ARTS
CENTER AT CALIFORNIA POLYTECHNIC STATE UNIVERSITY,
SAN LUIS OBISPO
NOW, THEREFORE BE IT RESOLVED, the City Council of the City of San Luis
Obispo agrees to
enter into the Memorandum of Understanding (Exhibit 1) with California Polytechnic State
University for the construction phase funding of the performing arts center and the Mayor
is authorized to execute the agreement on behalf of the City.
BE IT FURTHER RESOLVED THAT, the Director of Finance is authorized to
disburse $3,500,000 into the Surplus Money Investment Fund for the purpose of funding the
City's portion of the construction costs for the performing arts center.
Upon motion of Council Member Roalma seconded by Council Member Settle
and on the following roll call vote:
AYES: Council Members Roalman, Settle, Rappa, Romero, and Mayor Pinard
NOES: None
ABSENT: None
the foregoing resolution was adopted this 6th day of April , 1993.
ATTEST:
Mayor Veg Pinard
y Clerk Diane G dwell
APPROVED:
I_ t 4l,
R -8152
THE CALIFORNIA STATE UNIVER`�iTY
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SACRAMENTO SAN BJRNARDINO � SAN DIEGO • SAN FRANCISCO • SAN JOSE • SAN LUIS OBISPO D .SAN MARCOS • SONOMA %STANISLAUS
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OFFICE OF THE CHANCELLOR vITA
TELEPHC7NE: 010) 985 -2900 �, - TELEFAX: (310)9852901
MEMORANDUM OF UNDERSTANDING
AGREEMENT FOR CONSTRUCTION PHASE FUNDING OF PERFORMING ARTS CENTER
PERFORMING ARTS CENTER
AT CALIFORNIA POLYTECHNIC STATE UNIVERSITY, SAN LUIS OBISPO
This memorandum of understanding by and between the City of San Luis Obispo
(hereinafter referred to as the City) and the Trustees of The California State University
(hereinafter referred to as the Trustees) entered into this 7th day of April 1993, whereby
both parties agree to the following:
In compliance with the provisions of the Development Agreement for the Performing
Arts Center dated December 5, 1989, and amended on April 25, 1991, the City agrees to
transfer funds in the amount of three million five hundred thousand dollars ($3,500,000) to
the Trustees of The California State University no later than April 9, 1993.
These funds are for the exclusive purpose of meeting the City's commitment
relative to the construction phase expenditures of the Performing Arts Center project. .
Funds are to be invested in the Surplus Money Investment Fund (SMIF) by the
Controller of The California State University.
All interest earned is to be remitted to the City on no less than a semi - annual basis.
The California State University Controller is to provide quarterly reports to the City
Finance Director as to the expenditures against the funds and the balance remaining.
In the event construction of the project fails to take place, all funds on deposit per
this memorandum of understanding will be returned to the City. APPROVED AS TO FORM:
For the Trustees of For the City of
The California State University: San. Luis Obispo: ny, Y me n
Mary N. Garretson
Controller
SLO Mertes Understanding-PAnsCtr
V c.�
Peg Pinard
Mayor :ATT ,
City C14ft Dian .R. g7adwell
400 Golden Shore, Long Beach, Califomia 90802 -4275 INFORMATION: (310) 985 -2500