R-10528ATTACHMENT A
City Council Meeting 9-28-10
California
RESOLUTION NUMBER 10528 (CCS)
(City Council Series)
Santa Monica,
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF SANTA MONICA REVISING THE INTEREST RATE FOR
PRE-NEED PAYMENT PLANS
WHEREAS, on November 10, 2009, the City Council adopted Resolution
No: 10440, which, among other things, authorized the Woodlawn Cemetery and
Mausoleum to offer pre-need payment plans; and
WHEREAS, Resolution No. 10440 authorized interest to be charged on
such plans at a rate of one percent (1%} per month on the unpaid balance; and
WHEREAS, in order to simplify the interest calculation for Cemetery
customers and to allow equal monthly payments of fixed principal and interest,
staff now proposes that an annual interest rate of twelve percent (12%) be
authorized instead.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA
MONICA DOES RESOLVE AS FOLLOWS:
SECTION 1. The Cemetery Administrator is authorized to enter into
Interment Sales Orders with pre-need payment plans not to exceed sixty (60)
months with a minimum down payment of ten percent (10%) and twelve percent
(12%) annual interest.
SECTIC31~ 2. Insofar as this resolution is inconsistent with Resa9utian 1044fl, that
resolution is hereby repealed.
SECT1C7~i 3. The City Clerk shall certify to the adoption of this Resolution, and
thenceforth and thereafter the same shall be in full force and effect.
A~'RROVEf~ A~ TO ~C3RM.
A SHA J ES I1~C3U RIB
Cit Attar ey
2
Adopted and approved this 28th day of Sept~mber, 20
( Cl" ;
Bobby ShFiver, Mayor
I, Maria M. Stewart, City Clerk of the City of Santa Monica, do hereby certify that
the foregoing Resolution No. 10528 (CCS) was duly adopted at a meeting of the Santa
Monica City Council held on the 28th day of September, 2010, by the following vote:
Ayes: Councilmembers: Bloom, Davis, Holbrook, O'Day, McKeown
Mayor Shriver, Mayor Pro Tem O'Connor
Noes: Councilmembers: None
Abstain: Councilmembers: None
Absent: Councilmembers: None
ATTEST:
_-~
l~-
Maria M. Stewart, Cit Clerk