HomeMy WebLinkAboutReso 2015-033 RESOLUTION?�'O. 201�-033
RESOLUTION OF THE CITY COUTCIL OF THE CITY OF
CHliLA VIST.A AFFIRI�4ING AND COT�'SOLIDATING THE
EaISTIl�'G I?�'TERFiJ?�TD LOANS FROM THE
TRANSPORTATIOI�' DEVELOPb4ENT IMPACT FEE FLT?�'D
TO THE FIRE SUPPRESSIOr' SYSTEA� EXPANSION
COMPOI�TENT OF THE PUBLIC FACILITIES DEVELOPMENT
IMPACT FEE FUND «�ITH A PRINCIPAL AMOUI�iT OF �]OS
�4ILLIOI�' AND APPROVII_�G A COI�'SOLID.ATED
IIvTERFUi`'D LOAN REPAYMENT SCHEDULE REFLECTII�rG
FINANCII�'G COSTS AND REPAYMEI�'TS TO DATE
WHEREAS, the Transportation De��elopment Impact Fee (TDIF) fund previouslv loaned
510.� millio� to the Public Facilities Development Impact Fee (PFDIF) fund to finance capital
impro��ements �ia City Council appro��ed interfund ]oans; and
«'HEREAS. the original actions appro�ing interfund ]oans from the TDIF fund to the
PFDIF fund did not identif}� the specific component of the PFDIF provram borro���ine funds; and
W'HEREAS, pursuant to §3.�0.110(B) of the Chula Vista Municipal Code. the PFDIF has
a single fund for financial reportine purposes: and
��'HEREAS. for fee calculation and administration purposes. each component of the
PFDIF is budgeted and accounted for as a separate fund: and
�GHEREAS. a negative cash balance in the Fire Suppression Svstem E�pansion
component of the PFDIF generated the need for the �10.� million in interfund loans; and
\\'HEREAS. it is therefore appropriate to record these interfund loans as borro�vinss bv
the Fire Suppression S}�stem Expansion component of the PFDIF; and
�4'HEREAS. in compliance �vith the proposed Interfund Loan Polic}� under consideration
b�� the Cit�� Council on this same date. staff recommends consolidatine all interfund borro�t�in�s
betNeen these nvo funds, reflectine all payments throueh June 30, 2014 and recalculatin�
interest charges through the same date usine the Cit��`s actual pooled investment eami�ss; and
�'�'HEREAS. the balance due as of June 30, 201� afrer accounting for all payments and
interest charves totals S 10312.087: and
���HEREAS, a consolidated interfund loan repayment schedule reflectine a 10-year
repayment term and the City's current pooled in��estment eaming rate has been prepared and is
set forth in Exhibit 1. attached hereto and incorporated herein by reference as if set forth in full;
and
Resolution No. 201�-03� 'I
Paee No. 2
�l'HEREAS. furure financin� costs incurred as a result of this borrotiine ��ill van based
0o the Citv's actual pooled in��estment earnin�s and the availabilit}� of funds to repa} the debt.
NO�'�'. THEREFORE. BE IT RESOLVED b�� the Citv Council of the Cit�� of Chula
Vista. that it does hereb�� affirm and consolidate existine interfund loans from the TDIF fund to
the Fire Suppression S}�stem Expansion component of the PFDIF fund with a principal amount
of�10.� million.
BE IT FURTHER RESOLVED bv the Citv Council of the Cit�� of Chula Vista. that it
does hereb� appro�e a consolidated interfund loan repa}�ment schedule reflecting financine costs
and repa}�ments to date as presented and as reflected in Exhibit 1 to this Resolution. subject to
administrative adjustment based on actual pooled investment eaminQ rates and availabilit} of
funds to repa�� the debt.
Presented bv Approved as to form b}�
� ��( --- ��� �
Mari Kachadoorian Glen R. G�oeins �
Deputy Cit}� Manaeer/CFO Ci��AiFOrney
Resolution ivo. ZOI�-033
Pase No. 3
PASSED. APPROVED, and ADOPTED b� the Cin� Council of the Cit�� of Chula Vista,
Califomia. this 17th da�� of Februarv 201� b� the follo��'ine vote:
AI'�S: Councilmembers: Aeuilaz. Bensoussan. MeCann. n4iesen and Salas
\'Al'S: Councilmembers: None
ABSEI�'T: Councilmembers: I�'one
�
1�4an� S s. Ma��or
.ATTEST:
Donna R. Norris. D4C_ �irv Clerk
STATE OF CALIFORNIA )
COUI�iTY OF SAN DIEGO )
CITY OF CHULA VISTA )
I, Donna R. I�'orris_ Cit�� Clerk of Chula Vista. Califomia. do herebvi certifi that the foreeoine
Resolution No. 201�-033 �ti�as duly passed, approved, and adopted by the Cit�� Council at a
re�ular meetina of the Chula Vista Citv Council held on the 17th da�� of Februan� 201�.
Ezecuted this 17th dav of Februar� 201�.
�� � ���
Donna R. Norris.M Cit�� Clerk
Resolution No. 201�-033
Paoe No. 4
EXHI317 I
CONSQLIDA i ED INTERFU�!D LOAN Af+�ORTIZATION SCHEDULE �«�/
:�.
Loan from Fund: East>m TDIF(Fund SP1)
Loan to Fund: ?r"DIF-rire Suopression('rund 576) �m�
CHUTA VLSTA
LOAN COt�'SOLID�.TION SUMNiARY
Orginal?rincipal: S 10,500,000
Paytn_nts throuoh June 30,2074: S (430,928)
Int_rest Charges throuah Jun_30,2014: S 243,015
Balance Du=as oi June 30,2014: S 1G,'s72,067 �
CONSOLIDkTED LOAN TERMS
Curtent?ooled Investrnent=aming Rate: 022°io
AnnualRepaymentAmount:" S 7,OS5,000
Repayment Tertn(Years) _ i 0
Totallnt_r_stCharges: S 123,147
Grand Total Interest Charges: 5 366,761
- Cumulative
fiscal Year Principal Interest Annual Total � Interest Ending Balance
Extra Payment S 95,824 5 - S - 95,E24 S - �S � 10,216,263
;Y2015 S 1,022,313 S 22,ob7 5 7,045,000 5 22,687 S o,7og gqc
FY20i6 5 7,024,773 S 20,227 S � 7,0.75,000 5 42,913 5 B,to9,ti6
FY2077 S 7,027,028 S 17°72 S 7,045,000 5 60,665 S 7,742,746
FY2018 S 1,02?,287 5 75,713 5 - 1,645,000 S 76,598 5 � 6,172,867'
FY2079 S 1,031,552 S 73,448 5 - 1,045,OD0 S 90,046 S.. 5,081,309
FY2020 S 1,033,821 S 11,779 5 -- 1,045,000 5 101,225 $� - �5,047,488
�Y2025 S 1,036,096 S 8,904 5 1.045,OD0 5 170,130 5 3,077,393
FY2022 S 7,038,375 5 6,625 .5 ' 1,045,000 5 176,755 5 1,973,018
FY2023 5 1,040,659 S 4,341 S 1,045,000 S 721,096 S °32,358 �
=Y2024 S 932,358 S 2,051 S 934,409 S 123,147 5 -
Total S 10,216,263 b 123.147 S � 10,339,409 5 123,147 5 -