HomeMy WebLinkAboutReso 2015-032 RESOLUTI01�' I�'O. 201�-032
RESOLUTIOI�' OF THE CITY COLTNCIL OF THE CITI' OF
CHliLA VISTA AFFIRMII�'G THE EXISTING R�TTERFUT�D
LO.AN FROM THE GENERAL FUND TO THE CIVIC CENTER
COD4P0?�'ENT OF THE PUBLIC FACILITIES DEVELOPD4ENT
I?�4PACT FEE FUI`rD A'ITH A PRII�'CIPAL AMOU?�'T OF
�1.>28.969 AND APPROVING Ai�r II�'TERFUI�'D LO.�N
REPAYT4ENT SCHEDULE REFLEC7II�'G FII�ANCI\'G
COSTS AND REPAYMENTS TO DATE
WHERE.AS. the General Fund pre��iousl�� loaned $1.�28,969 to the Ci��ic Center
component of the Public Facilities De��elopment Impact Fee (PFDIF) fund to finance capital
improvements ��ia a Cit�� Council appro��ed interfund loan; and
�'HEREAS, in compliance ��ith the proposed Interfund Loan Polic�� under consideration
bv the Cit�� Council on this same date. staff recommends revisine the interfund borrowine
ben�-een these two funds. reflecting all pa}ments throueh June 30. 2014 and recalculating
interest chazges throueh the same date usina the Cit��`s actual pooled investment eamings, and
��%HEREAS, the balance due as of June 30, 2014 after accountine for all pa}ments and
interest charees totals $1.486.012: and y
WHEREAS: an interfund loan repa��ment schedule reflecting a �-��ear repa}�ment term
and the Cit�`s current pooled im�estment earnine rate has been prepared and is set forth in
Ezhibit 1. attached hereto and incorporated herein b}° reference as if set forth in full; and
W"HEREAS. future financine costs incurred as a result of this borro�i�ing �ti�ill van� based
on the City`s actua] pooled investment eaminss and the availability of funds to repa}� the debt.
I�'O�'. THEREFORE. BE IT RESOL\'ED bv the Citv Council of the Cirv of Chula
Vista that it does herebv affirm the existins interfund loan from the General Fund to the Ci��ic
Center component of the PFDIF fund H�ith a principal amount of�1.�28,969.
BE IT FURTHER RESOLVED bv the Cirv Council of the Cih� of Chula Vista. that it
does hereb�� approve an interfund loan repa��ment schedule reflecting financino costs and
repa}�ments to date as presented and as reflected in Exhibit 1 ro this Resolution, subject to
administrative adjustment. as mav be directed bv the Director of Finance/Treasure based on
acrual pooled im estment eaming rates and availability of funds to repa}� the debt.
Resolution No. 201�-032
Paee I�'o. 2
Presented b�� Approved as to form bv
�
Mari Kachadoorian Glen R. eins ��
Deput}� City ?�4anager /CFO Ci � Atto �
PASSED. APPROVED. and ADOPTED b�� the Citv Counci] of the Cit�� of Chula \%ista.
California. this 17th dav of Februarv 201� bv the follo��ine vote:
Al'ES: Councilmembers: Aeuilaz. Bensoussan. McCann. Miesen and Salas
\AYS: Councilmembers: None
ABSEI�TT: Councilmembers: \'one
Marv S as. Mati�or
ATTEST:
--�—
Donna R. Norris. MC. itv Clerk
STATE OF CALIFORI`'IA )
COUTi7"Y OF SAI�7 DIEGO )
CITY OF CHULA VISTA )
I. Donna R. Noms. Citv Clerk of Chula Vista. Califomia_ do herebvi certifv that the foreeoina
Resolution No. 201�-032 was duly passed. approved. and adopted b}� the City Council at a
reeular meetina of the Chula Vista Cit� Council held on the ]7th dav of Februarv 201�.
Executed this 17th dav of Februarv 201�.
� ��... � o�' .��
� Donna R. Norris. CMC. Citv Clerk
Resolution No. 201�-032 � �
Page No. 3 �
�Hisir a i
CdNSOLIDATED fNTERFUND LOAN AMORTIZATION SCE�EDULE �«�/
i��
Lwn from Fund: General=und(Fund 700) —
Loan to Fund: ?FDI=-Civic Cennr(-und Si2) �}jUll�VI$TA
LOA�CONSOLIDATIOl� SUMN�.RY
O�inal?rincioaC c 7,gpg.gpy
?ayments tnrougn June 30,20 iS: �S (94,302)
Int=re5 Charges through Jun=30,2014: S 51,3C5
3alance Due as of Jen=3G,2014: 5 i,CED,DiL
CONSOLIDRTED LOAN TERA4S
Current?ool=d Investm=nt Earnina Rate: � Q22%
Annual:�=paym=ni Amount: 5 30D,000
kepaym=nt Term(Years) �
Total Interest Charges: 5 o,gpq
Grand Totalln[erest Charges: S 61,149
Cumulative �-
Fiscal Year Principal Interest Annual Total Interest Ending Balance
FY2015 - 5 296,i31 S 3,20� 5 300,000 S 3,269 S 7,18Q287 _ -
FY2076 5 297,384 S 2,010 5 • 300,000 5 5,SSo S 891,E98
FY2017 S 298,038 S 7,962 5 ' 300,000 5 7,848 5 593,&60
FY2018 S 298,694 5 1,30o S � 300,OOG 5 9,154 5 295,707
Fv2019 S 295.167 5 649 S 295.816 5 9,804 S -
Total 3 1,486,012 S 9,804 5 ' 1,495,816 S 9,604 S