HomeMy WebLinkAboutReso 2015-030 RESOLUTION NO. 201�-030
RESOLUTION OF THE CITI' COUTCIL OF THE CITY OF
CHliLA VISTA AFFIRi�4I?vG AND CONSOLIDATII�'G
E�ISTING II�'TERFiJ?�'D LOANS FROM THE TRiJ?�'K SEA�ER
C.APITAL RESER\'E FUND TO THE STORI�4 DRAIN
REVENUE FUI�'D WITH A PRIl�'CIPAL AMOUI�'T OF
��76.023 AND APPROV"I1VG A CONSOLIDATED II�'TERFLT�D
LOAN REPAYMEI�'T SCHEDULE REFLECTING FII�'AI�'CI?�'G
COSTS AND REPAYMENTS TO DATE
WHEREAS. the Trunk Se«er Capital Resen�e fund previousl�� loaned ��76.023 to the
Storm Drain Revenue fund to finance capital impro��ements via City Council appro��ed interfund
loans: and
\�'HEREAS. in compliance with the proposed Inrerfund Loan Polic�� under consideration
b�� the Cit� Council on this same date, staff recommends consolidatins all interfund borro�i�inss
ben��een these t�=o funds, reflectine all payments through June 30; 2014 and recalculatine
interest charges through the same date using the City's actual pooled im estment eamings; and
\�'HEREAS; the balance due as of June 30. 201� afrer accounting for all pa}�ments and
interest charaes totals $370.782: and
VJHEREAS, a consolidated interfund loan repa}ment schedule reflectine repa}�ment in
full in as of Januan� l; 201� and the Cit}�`s current pooled im�estment eamins rate has been
prepared and is set forth in Eahibit l. attached hereto and incorporated herein b�� reference as if
set forth in full: and
«%HEREAS, financing costs incurred in fiscal �ear 2014-1� as a result of this borro��ino
will vary based on the Cihr s actual pooled investment earnings. �
I�'OW. THEREFORE. BE IT RESOLVED b�� the Citv Council of the Cit�� of Chula
\'ista. that it does herebv affirm and consolidate ezisting interfund loans from the Trunk Se�a�er
Capital Reserve fund to the Storm Drain Revenue fund ��ith a principal amount of 5�76.023.
BE IT FURTHER RESOLVED bv the Citv Council of the Citv of Chula Vista, that it
does hereb� approve 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, as ma} be directed by the Director of Finance/Treasurer.
based on actual pooled investment eamin� rates and a��ailabilit}� of funds to repa}� the debt.
Resolution No. 201�-030
Pa�e No. 2
Presented b� Approved as to form b�-
���� ' '
Mari 'achadooriar� � len R. Qogin
Deput} Cit}� A4anager/CFO Git��vhe}�
PASSED. .APPROVED, and ADOPTED b�� the Cit� Council of the Citv of Chula Vista.
California. this 17th dav of Februazv ZOl� bv the followine �ote:
AYES: Councilmembers: Aeuilaz. Bensoussan. McCann. Miesen and Salas
NAYS: Councilmembers: I�one
ABSENT: Councilmembers: I�'one
,_�� �
Marv S as. Ma��or
ATTEST:
��
Donna R. Noms. CMC. Citv Clerk
STATE OF CALIFORI�'IA )
COUI�'TY OF SAN DIEGO )
CITY OF CHliLA VISTA )
I, Donna R. Norris. City Clerk of Chula Vista. Califomia_ do hereby certifi° that the foreeoing
Resolution I�'o. 201�-030 ���as duly passed, approved. and adopted b�� the Cit� Council at a
reeular meetina of the Chula Vista Cih� Council held on the 17th dav of Februan 201�.
E�ecuted this 17th dav of Februarv 201�.
���� �
��
Donna R. Norris. C �C. Citv Clerk
Resolution?��o. 201�-030
Pase \o. 3
cxHIBIT i
CONSOLIDATED INTERFUND LOFiN AMORTIZATfOR SCHEDULE ���(/
:�r�
Loan from Fund: 7runk S=w=r Capi,al Reserve(r'und 4 i 3)
Loan ro fund: S;orm Drain R=venue(=und 3D1) Cm'OF
OiUTA VISTA
L04�CO�SOLIDA.TION SUMMkRY
Onainal?rincipal: S 576,023
?aym=nts tnrouqn June 30,20 i4: S (500,000)
In[=rest Cnaraes tnrouoh June 30,2014: S 25:,759 -
5alance Du=as of June 3Q 2014: 5 370,i&2
COI�SOLID.=�SED LOAN TERMS
Current?ooled Invesunent Eamino Rate: 022°!a
Annual R=oayment.Amount S 371,190 -
�epaym=n,7erm(Years) 1
7otal Interest Charaes: S 408
Grand To[al Interest Charges: S 295,767
Cumulative
Fiscal Year Principal Interest Annual Total Interest Ending Balance
FY2075 S 370,782 5 408 S 3i1 79G 408 S -
Total S 370,782 S 408 S 377,190 S 408 S