RESOLUTION NO. 24-__
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF SANTA CLARITA, CALIFORNIA, APPROVING A LOAN
FROM THE GENERAL FUND TO THE
EASTSIDE BRIDGE & THOROUGHFARE DISTRICT
IN THE AMOUNT OF $7,000,000
WHEREAS, there are sufficient funds in the City of Santa Clarita (City) General Fund to make a loan in the amount of $7,000,000 to the Eastside Bridge & Thoroughfare District; and
WHEREAS, the funds will be used for the construction of the Vista Canyon Bridge over the Santa Clara River to connect Soledad Canyon Road to the Vista Canyon development.
The Vista Canyon Bridge, and associated road improvements, will construct a new two-lane bridge and will consist of one lane in each direction with a striped median for emergency vehicles, highway safety lighting, concrete barriers, metal railing, a raised landscape planter, and shared-use sidewalk with a Class 1 bike lane and a new bike trail under the bridge. The road improvements will include a new traffic signal at the intersection of Soledad Canyon Road and Lost Canyon Road, new exclusive eastbound left-turn and right-turn lane additions, a lane extension of the existing westbound left-turn lane, and roadway improvements on Lost Canyon Road north of the bridge. The improvements south of the bridge include a roundabout and road improvements to access the Vista Canyon Multi-Modal Transit Center, which includes the Vista Canyon Metrolink Station and the Bus Transfer Station.
NOW, THEREFORE, the City Council of the City of Santa Clarita, California, does hereby resolve as follows:
SECTION 1. It is agreed that $7,000,000 from the City’s General Fund will be loaned to the Eastside Bridge & Thoroughfare District.
SECTION 2. The amount of the loan will be paid back at a future time when funds in the amount of $7,000,000 are available to repay the loan back to the City’s General Fund.
SECTION 3. The loan will be paid back at an interest rate equivalent to the yield of the average monthly investment portfolio.
SECTION 4. The City Clerk shall certify to the adoption of this resolution.
PASSED, APPROVED, AND ADOPTED this 10th day of December 2024.
______________________________
MAYOR
ATTEST:
_______________________________
CITY CLERK
DATE:__________________________
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss.
CITY OF SANTA CLARITA )
I, Mary Cusick, City Clerk of the City of Santa Clarita, do hereby certify that the foregoing Resolution 24- was duly adopted by the City Council of the City of Santa Clarita at a regular meeting thereof, held on the 10th day of December 2024, by the following vote:
AYES: COUNCILMEMBERS:
NOES: COUNCILMEMBERS:
ABSENT: COUNCILMEMBERS:
______________________________
CITY CLERK