Resolution 10547CITY OF ALAMEDA RESOLUTION NO. 10547
AUTHORIZING EXECUTION OF ESCROW AGREEMENT AND
TEMPORARY LOAN OF GENERAL FUND RESERVE MONIES FOR
PATTON WAY, PHASE I
WHEREAS, by its Resolution No 10523 adopted on January
15, 1985, this Council authorized a modification of the Cooper-
ative Agreement with Caltrans to increase the City's contribution
to the Patton Way Project up to $5,500,000; and
WHEREAS, the City desires to pay construction engineering,
striping and construction costs on a monthly or as needed basis,
during construction, in lieu of the advance deposit required in
Article 3 of Section V of the Cooperative Agreement as modified:
and
WHEREAS, the Department of Transportation of the State
of California is agreeable, provided the City enter into an Escrow
Agreement to provide the terms and conditions for the deposit
by the City of sufficient security with an Escrow Agent to assure
that funds in the amount necessary to meet required expenditures
for the project will be available as needed; and
WHEREAS, Assessment District 84-3 funds and estimated
interest thereon will pay the City's contribution for Patton Way,
Phase I; and
WHEREAS, the City is required to deposit its full share
of the cost of the project within twenty-five days after receipt
of notification from CALTRANS of the advertisement for bids for
the project; and
WHEREAS, a temporary loan in the amount of $417,000 is
needed to meet these requirements; and
WHEREAS, a further temporary loan in the amount of $223,000
may be needed pending formal approval by CALTRANS of credit due
the City for various drainage costs.
NOW, THEREFORE, BE IT RESOLVED by the Council of the City
of Alameda that the Mayor and the City Clerk be, and each hereby
is, authorized and directed to execute and to attest to, respectively,
on behalf of the City, an Escrow Agreement with the State of
California Department of Transportation and Wells Fargo Bank,
as escrow agent.
BE IT FURTHER RESOLVED that a temporary loan of $417,000
is hereby approved and said sum is hereby appropriated from the
General Fund for deposit with said Escrow Agent; and
BE IT FURTHER RESOLVED that, if needed, a further temporary
loan of $223,000 is hereby approved and said sum shall be
appropriated from the General Fund for deposit with said Escrow
Agent.
I, the undersigned, hereby certify that the foregoing Resolution
was duly and regularly adopted and passed by the Council of the
City of Alameda in regular meeting assembled on the 19th of February, 1985,
by the following vote to wit:
AYES: Councilmembers Gorman, Hanna, Lucas, Monsef and President Diament - 5.
NOES: None.
ABSENT: None.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the
official seal of said City this 20th day of February, 1985.
City Clork of the city of Alameda