HomeMy WebLinkAbout2002-05-13 Ordinance 4749ORDINANCE NO. 4749
ORDINANCE OF THE COUNCIL OF THE CITY OF PALO ALTO
AMENDING THE BUDGET FOR THE FISCAL YEAR 2001-02 TO
PROVIDE AN ADDITIONAL APPROPRIATION OF $800,000 FOR A
RESIDENTIAL REAL ESTATE LOAN TO THE DIRECTOR OF
ADMINISTATIVE SERVICES
WHEREAS, pursuant to the provisions of Section 12 of Article
III of the Charter of the City of Palo Alto, the Council on June 11,
2001 did adopt a budget for fiscal year 2001-02; and
WHEREAS, the Council has approved the execution of an
employment agreement with the Director of Administrative Services;
and
WHEREAS, pursuant to the employment agreement, the City will
loan up to $800,000 to the Director of Administrative Services, for
the purchase of a home in accordance with the terms set forth in the
agreement; and
WHEREAS, an additional appropriation is needed to enable the
City to make the loan; and
WHEREAS, the additional appropriation of funds from the General
Fund Budget Stabilization Reserve is a one-time cost and no future
year General Fund ongoing costs are anticipated; and
WHEREAS, City Council authorization is needed to amend the
2001-02 budget as hereinafter set forth.
NOW, THEREFORE, the Council of the City of Palo Al to does
ORDAIN as follows:
SECTION 1. The sum of Eight Hundred Thousand Dollars
($800,000) is hereby appropriated to General Fund Notes Receivable,
and the Budget Stabilization Reserve is correspondingly reduced.
SECTION 2. A note receivable of $800,000 is thus established on
behalf of Mr. Yeats, Director of Administrative Services.
SECTION 3. The Council hereby authorizes the City Manager to
execute all documentation as the City Attorney deems necessary to
affect the loan on behalf of the City.
SECTION 4. This transaction will reduce the Budget
Stabilization Reserve from $23,443,911 to $22,643,911.
SECTION 5. As specified in Section 2.2B.OBO(a) of the Palo Alto
Municipal Code, a two-thirds vote of the City Council is required to
adopt this ordinance
SECTION 6. The Council of the City of Palo Alto hereby finds
that this is not a proj ect under the California Environmental
Quality Act and, therefore, no environmental impact assessment is
necessary.
SECTION 7. As provided in Section 2.04.350 of the Palo Alto
Municipal Code, this ordinance shall become effective upon adoption.
INTRODUCED AND PASSED: May 13, 2002
AYES: Beecham, Burch, Kishimoto, Kleinberg, Morton, Mossar, Ojakian
NOES: Freeman, Lytle
ABSTENTIONS:
ABSENT:
ATTEST:
City Clerk '
APPROVED AS TO FORM:
S~nior Asst. City Attorney
THIS DOCUMENT IS CERTIFIED roBE AN ORDINA~,CE DULV PASSED BY THE COUNCII_ ~F TH,E ~ .. TY OF PALO ALTO AND "'l
HiE Fl F.:'!\ 10 rER POSTEDJN T1E ~CIL
CrLl4f,1BERS ON _ .!) {" D
DAYS OF ITS PASSAGE( (WITHIN 'a,
"I certify '(or (Jec!l1re) under penalty
of perjury t11<lt tho foregoing is true
anc! correct."
W.a~o~ PaJ2tL~ ~'~ ate Place
Signatur "
APPROVED:
Ma~
Clty Manager
Dep~ector of
Admi·istrative Services