HomeMy WebLinkAboutReso 2011-163RESOLUTION NO. 2011-163
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA APPROPRIATING $2,256,207 OF BOND
REVENUES TO CAPITAL IMPROVEMENT PROJECT GG214
AND AMENDING THE FISCAL YEAR 2011/2012 CAPITAL
IMPROVEMENT PROGRAM BUDGET
WHEREAS, a top priority cun•ently for the City's energy management team is the
replacement of Chula Vista's over 9,000 streetlights with more energy efficient technologies; and
WHEREAS, in July 2011, the City launched its Streetlight Retrofit Project (Phase I) and
began installing over 4,600 energy-saving LED streetlight fixtures along residential streets; and
WHEREAS, City staff is now working to secure financing to initiate Phase 2 of the
Streetlight Retrofit Project, which would upgrade approximately 2,700 streetlight fixtures along
arterial streets with energy-saving LED technologies; and
WHEREAS, the City has been working to pursue issuance of Qualified Energy
Conservation Bonds (QECBs), which allow local governments to access "below mazket" interest
rates, to support these municipal energy efficiency efforts; and
WHEREAS, the City has been in negotiations with Banc of America Lease & Capital,
LLC to purchase the City's QECBs totaling $2,256,207; and
WHEREAS, the funded Streetlight Retrofit Project (Phase 2) would generate over
$229,000 in annual energy cost savings, which would fully cover the debt service and bond
issuance costs.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Chula Vista
as follows:
1. That it appropriates $2,256,207 of bond revenues to Capital Improvement Project
GG214, and
2. That it amends the Fiscal Year 2011/2012 Capital Improvement Program Budget to
reflect such appropriation.
Presented by
~ ~ ~ C/
Richar A. pkins
Director of ublic Works
Approved as to form by
'~
en R. ogins
City orney
Resolution No. 2011-163
Page 2
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this ] 6th day of August 2011 by the following vote:
AYES: Councilmembers: Aguilaz, Castaneda, Ramirez and Cox
NAYS: Councilmembers: None
ABSENT: Councilmembers: Bensoussan
ATTEST:
d-~~~c ~i4hyJ
Donna R. Non•is, CMC, City Clerk
STATE OF CALIFORNIA
COUNTY OF SAN DIEGO
CITY OF CHULA VISTA
Cheryl Cox, May r
I, Donna R. Norris, City Clerk of Chula Vista, California, do hereby certify that the foregoing
Resolution No. 2011-163 was duly passed, approved, and adopted by the City Council at a
regular meeting of the Chula Vista City Council held on the 16th day of August 2011.
Executed this 16th day of August 2011.
Donna R. Norris, CMC, City Clerk