HomeMy WebLinkAboutReso 2015-031 RESOLUTION NO. 201�-031
RESOLUTION OF THE CITS' COUNCIL OF THE CITI' OF
CHULA VISTA .AFFIR�4I\�G AND CONSOLIDATII�rG
E�ISTII�'G II�'TERFUI�'D LO.ANS FROA4 THE SEWER
FACILITIES REPLACEn4ENT FU�TD TO THE STORM DRAIN
REVENLJE FUI�TD WITH A PRII�'CIPAL A?��OUI�'T OF
S640,000 AND APPROVII�G A CONSOLIDATED INTERFiJi�'D
LOAN REPAYMEI�TT SCHEDliLE REFLECTII�iG FIi�'ANCING
COSTS AI�'D REPAYI�4ENTS TO DATE
�%HEREAS, the Se���er Facilities Repiacement fund pre�iousl}� loaned �6�0.000 to the
Storm Drain Re��enue fund to finance capital impro�ements ��ia Cirv Council appro��ed interfund
loans: and
V�'HEREAS. in compliance «ith the proposed Interfund Loan Polic�- under consideration
b�� the City Council on this same date, staff recommends consolidatins all interfund borrowinss
ben�een these n��o funds. reflectine all pa}�ments through June 30. 2014 and recalculatin�
interest charges throueh the same date using the Cin's actua] pooled im estment earnings; and
W"HEREAS, the balance due as of June 30, 2014 after accounting for all payments and
interest charees totals �626.492: and
�1'HEREAS. a consolidated interfund loan repa}ment schedule reflecting a 3-�ear
repa}ment term and the Citv's current pooled in��estment eamin� rate has been prepared and is
set forth in Exhibit 1, attached hereto and incorporated herein bv reference as if set forth in full:
and
l�'HEREAS. future financing costs incurred as a result of this borrowins ���ill varv based
on the Cit}�`s actual pooled investment eamines and the availabilit�� of funds to repa�� the debt.
\'O�V, THEREFORE, BE IT RESOLVED bv the Cit�� Council of the City of Chula
Vista, that it does herebv affirm and consolidate e�isting interfund loans from the Se�rer
Facilities Replacement fund to the Storm Drain Revenue fund ��ith a principal amount of
S640.000.
BE IT FURTHER RESOLVED by the Cit�� Council of the Citv of Chula Vista. that it
does hereb}� approve a consolidated interfund loan repa}ment schedule reflectine financine costs
and repayments to date as presented and as reflected in Exhibit 1 to this Resolution_ subject to
administrative adjustment. as ma�� be directed b� the Director of Finance/Treasurer. based on
acrual pooled investment earnine rates and a��ailabilin� of funds to repa}� the debt.
Resolution No. 201�-031
Paee No. 2
Presented b�� Appro�ed as to form by
A4aria achadoorian len R:Gooeins
Deput}� City Manager /CFO Lit3��ttqu�ev
PASSED. APPROVED, and .ADOPTED bv the Citv Council of the Cit�� of Chula Vista.
Califomia, this ]7th day of Februar�� 201� b}� the follo��ine vote:
AYES: Councilmembers: Aguilar, Bensoussan. McCann, Miesen and Salas
NAYS: Councilmembers: None
ABSENT: Councilmembers: None
Mazv S s. Mavor
ATTEST:
��� � ���
Donna R. Norris. C, itv lerk
STATE OF CAL[FORI�'IA )
COUI�'TY OF SAN DIEGO )
CITI' OF CHULA VISTA )
I. Donna R. \iorris. Cit}� Clerk of Chula Vista. Califomia, do hereby certify that the foregoin�
Resolution No. 201�-031 was dul�� passed. approved, and adopted by the Cit} Council at a
resular meetine of the Chula Vista Cin� Council held on the 17th da�� of Februan� 201�.
Executed this 17th dav of Februar�� 201�.
� �� /
Donna R. Norris. CMC. Cit�� Clerk
Resolution\'o. 201�-031
Pase\'o. 3
EXHBIT 1
CONSOLfDATED INTERFUND LOAN AMORTIZATfON SCHEDUL� ����/
iAn�
Loan from Fund: Sewer�acili,y Replacement(=und 428)
Loan to Fund: Storrr�Drain Revenue(Pund 3D1) Cm'OF
QiULA VLSTA
LQ4�CO�SOLIDATION SUMMARY
Ori?inal?rincipal: S o40,000
?aymen[s srouah June 30,2014: S (188,270)
Inrer=S Charo>s ihrouon June 30,201c: S 174,762
Balanc=_Due as o�June 30,201:: S n2o,4P2
CO(�SOLIDATED LOA�TERMS
Current Pooled Invesun=nt Eaming Rate: 022%
AnnuaiRepaymentAmount 5 270,000
Reoaym>nt Term(Years) 3 -
TotallntereSChar9es: S 2,35& .
GrandTotallntereslCharges: S ti7,120
Cumulative �
Fiscal Year Principal Interest Annual Total Interest Ending Balance�
=xtra'rayment S 90,579 5 - 5 .90,519 S 535,973 -
FY2075 S 210,000 S i,378 5 . - 271,378 S 1,378 5 32�97's
=Y207c S 210,000 S 720 S 270,720 S 2,098 S 7 iE,G71�
'rY2017 S 178,331 S 260 S 178,5?7 S 2,358 S -
Total S 628,850 5 2,358 5 637,208 S 2,358 S -