HomeMy WebLinkAboutReso 2015-029 RESOLUTION ?�?O. 201�-029
RESOLUTION OF THE CITY COIJi�'CIL OF THE CITY OF
CHULA VIST.A AFFIRA4ING AND CONSOLIDATING
EXISTING II�'TERFUT'D LOA\'S FROA4 THE TRiJ?�TK SE�VER
CAPIT.AL RESERVE FUT'D TO THE SALT CREEK TRLT�K
SEV�'ER DEVELOPD4ENT IMPACT FEE FU1�'D WITH A
PRIi�'CIPAL AMOUI�TT OF 520.667.477 AND APPROV'IIvG A
CONSOLIDATED II�'TERFUI�TD LOAI�' REPAYn4ENT
SCHEDULE REFLECTING FIi�'.ANCING COSTS t�\'D
REP.AY?�4ENTS TO DATE
��"HEREAS, the Trunl: Se��er Capital Reserve fund previoush loaned �20.667.477 to the
Salt Creek Trunl: Sewer Development Impact Fee fund to finance capital impro�ements throu�h
a combination of Cin Council approved interfund loans and direct project e�penditures; and
�l'HEREAS. in compliance ��ith the proposed Interfund Loan Policv under consideration
b�° the Ciri� Council o� this same date. staff recommends consolidatine all interfund borro�ti�ines
bet���een these t��o funds. reflectine all pa}°ments through June 30, 3014 and recalculating
interest charees through the same date usine the Cit}�'s acmal pooled investment earnings; and
R'HEREAS_ the balance due as of June 30, 2014 after accountine for all pa}ments and
interest charees totals S24.06�.0�7: and
�i'HEREAS, a consolidated interfund loan repa}'ment schedule reflecting a 20-}�ear
repa}ment term and the Cit}�`s current pooled investment eamin� rate has bee� prepared and is
set fonh in Exhibit 1, attached hereto and incorporated herein b} reference as if set forth in full:
and
VIHEREAS, future financing costs incurred as a result of this bono�i'ine ��°ill �ar} based
on the Cit��'s actual pooled investment eamines and the a��ailability of funds to repa} the debt.
NOW. THEREFORE. BE 17 RESOLVED bv the Citv Council of the Cit� of Chula
Vista. that it does hereb�� affirm and consolidate existina interfund loans from the Truril: Sewer
Capital Resen e fund to the Salt Geek Trunl; Se�ver De��elopment Impact Fee fund �i ith a
principal amount of�20.667.477.
BE IT FURTHER RESOLVED bv the Cih- Council of the Cit�� of Chula Vista. that it
does herebr appro��e a consolidated interfund loan repa��ment schedule reflectine financina costs
and repa}�ments to date in the form presented and as reflected in Eshibit 1 to this Resolution.
subject to administrative adjustment based on actual pooled in��estment eamine rates and
avai]abilit}� of funds to repa}� the debt.
Resolution No. 20]�-029
Paee\'o. 2
Presented b� Approved as to form b��
I�4aria 'achadoorian ]en R. ogins�
Deputy Cit� �9anager /CFO Ci � e��
PASSED. APPROVED, and ADOPTED bv the Cit� Council of the Citv of Chula Vista.
California. this 17th dav of Februan 201� b�� the follo�rine vote:
AYES: Councilmembers: Aeuilar, Bensoussan, McCann. Miesen and Salas
I�'AYS: Councilmembers: I�'one
ABSEI�'T: Councilmembers: None
`� / ���
Mar� S as. Ma��or
ATTEST:
�� . ,� ���
Donna R. I�'oms. CMC. Citv Clerk
STATE OF CALIFORI�'IA )
COiINTl' OF SAN DIEGO )
CITY OF CHULA VISTA )
I. Donna R. Noms. Cit�� Clerk of Chula Vista, Califomia, do hereby certify that the foregoins
Resolution No. 201�-029 was dul�� passed, approved. and adopted by the Citv Council at a
regular meetine oFthe Chula Vista Cit}� Council held o� the 17th da}� of Februan� 201�.
E�ecuted this 17th dav of Februarv 201�.
���
Donna R. Norris. CMC. Ciri� Clerk
Resolution 1vo. 201�-029
Paee No. 3
cXH131T 1
C�NSOLIDATED INTERFUND LOAN ANIO�TIZATlQN SCHEDULE �LS�/
r:r�i.
Loan from Fund: Tmnk Sew_r CapRal Reserve(=und 413)
Loan to Fund: Satt Cre=_k 7runk Sewer DI=(Fund S33) ���
CHULA VISTA
LO�r�con'SOLID:,�TIdN SUM�AARY
Orgiral?nncipal: 5 2Ubo7e77
?ayments tnrou?h June 30,2014: 5 (2,SOO,OE3)
ini=rest Coaroes through June 30,2014: S S,E�i,003
3alance Due zs of June 30,2014: 5 2",065,057
CONSOLIDAI EQ L0�'fd TE2M5
Cu�ent?ooled InwstmeM=arning Rate: 022°iE �
.5nnual nepayment.4mount: S 1,720,OOG
�Zeoaym>nt Tenn(Years) 20
Total Interest Charges: S 505,4 i 1
Grand Total Interest Charges: 5 6,403,074
Cumulative - -_
Fiscal Year Principal Interest Annual Total fnterest Ending Balance
Extta?ayment S 2,380,000 5 - 5 2,380,000 S 27,685,057
FY2015 5 1,Oo7,057 S 52,943 S 1,120,ODD S 52,943 S 20,618,000
FY2010 5 1,074,640 5 45,300 S 1,720,000 5 98,303 5 79,543,300
'rY2017 5 1,077,005 S 42,995 S 7,720,000 S 741,296 S 18,466,355
FY201E S 1,079,374 S 40,020 5 - 7,120,000 5 781,924 5 17,386,981
FY2019 5 1,081,749 S 38,251 5 � 1,120,000 S 220,175 5 16,305,233
PY2020 5 1,084,128 S 35,872 S 7,120,000 S 256,047 5 15,227,104
FY2021 5 7,080,514 S 33,460 5 7,120,OD0 S 289,533 S 14,134,59i
FY2022 S 7,088,904 S 37,090 5 7,720,000 5 320,630 S 73,045,687
FY2023 S 1,091,299 S 28,701 S . 1,120,000 5 349,330 5 11°54,387
=Y2024 S 1,093,700 5 26,300 S 1,120,000 5 375,030 5 70,800,687
�Y2025 5 1,096,106 5 23,894 5 7,720,000 S 399,523 S 9,764,580
�Y202o S i,098,576 S 2i,482 5 1,120,000 S 421,005 5 S,66o,002
FY2027 S 1,100,935 S 15.O6i S 1,120,000 S 440,071 5 7,565,i28
FY2028 5 1,103,357 5 io,o43 S 7,120,000 S 456,714 5 6,407,771
FY2029 5 7,105,784 S 14,216 5 �1,120,OD0 S 47Q930 5 5,355,987'
FY2030 5 1,108,217 S 11,763 S 1,120,000 S 482,773 5 4,247,770
fY203i S 1,710,055 S P,3C5 5 7,120,000 S 482,058 S 3,137,175
FY2032 S 7,773,098 5 c,902 5 .1,120,000 5 498,900 5 2,024,017
�Y2033 S 1,775,547 5 4,453 5 1,120,000 5 503,413 5 9D8,C70
�Y203; 5 90fi,470 S 1°99 S 9i0,CoE S 505,571 5 -
Total 5 24,065,057 S 505,411 S 24,570,468 5 505,477 S - �