Earlier editions: 2026-09
Vallejo Municipal Code Ch. 3.62 Costco Loan Special Fund
Vallejo Municipal Code · 2026-10 edition · updated 2026-10-04 · Vallejo
Cite as: Vallejo Municipal Code Chapter 3.62 · Text as of 2026-10-04
3.62.010 - Costco Loan Special Fund created.¶
There is hereby established pursuant to Section 713 of the charter of the city a special fund to be known and referred to as "Costco Loan Special Fund" into which shall be deposited the "Net New Retail Project SST Revenues" attributable to the sales, services or business activities of Costco, VFD or their Affiliates, tenants, subtenants, licensees or sublicensees at the "Retail Project", as provided and defined in the loan agreement, entered into by and between the city and Costco pursuant to the authority of Resolution No. 21-058 N.C. adopted on May 25, 2021.
(Ord. No. 1851 N.C. (2d), § 3, 6-8-2021)
3.62.020 - Use of net new retail project SST revenues.¶
Net New Retail Project SST Revenues deposited into the Costco Loan Special Fund shall be used solely for the payment of the Costco Loan pursuant to the terms of the loan agreement.
(Ord. No. 1851 N.C. (2d), § 3, 6-8-2021)
3.62.030 - Administration of Costco Loan Special Fund.¶
The finance director is authorized to develop and maintain procedures to implement the Costco Loan Special Fund consistent with the terms of the loan agreement, city policy and according to generally accepted accounting principles. The city council shall be notified of changes to the operation of the Costco Loan Special Fund.
(Ord. No. 1851 N.C. (2d), § 3, 6-8-2021)
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