HomeMy WebLinkAboutReso 2015-034 RESOLUTION NO. 201�-034
RESOLUT]ON OF THE CITY COUI�'CIL OF THE CITY OF �
CHtiLA VISTA AFFIR�4IIvG AND CONSOLIDATII�'G THE
EXISTING INTERFUI�iD LO.ANS FROM THE EASTERi\'
PARI�LAI�'D ACQUISITION AND DEVELOPMENT FEE
FiTND TO THE V�%ESTERI�' PARKLAND ACQUISITIOI�' AI�TD '
DEVELOPA4E?�'T FEE FUI�'D WITH .A PRINCIPAL AMOLT?�TT
OF �9.94 MILLIOI�' A?�'D APPROVIivG A CONSOLIDATED
IIvTERFUI�iD LO.AN REPAYME\TT SCHEDULE REFLECTIIvG
FINANCIri'G COSTS AI�'D REPAYMEI�'TS TO DATE
V✓HEREAS, the Eastern Pazkland Acquisition and Development Fee (PAD) fund
previouslv loaned �9.94 million to the R'estem PAD fund to acquire parkland acreaee ��ia Cit��
Council appro��ed interfund loans; and
A'HEREaS, in compliance �;ith the proposed Interfund Loan Polic}� under consideration
b� the Ciri Council on this same date. staff recommends consolidatina all interfund borrowines
benreen these t���o funds, reflectine all pa�ments throueh June 30. 201� and recalculatino
' interest charses throueh the same date using the Citv's acmal pooled investment eamines; and
A'HEREAS. the balance due as of June 30. 2014 afrer accounting for all pa}�ments and
interest char�es totals �10.078.627: and
�k"HERE.AS. a consolidated interfund loan repa}�ment schedule reflectine a 20-��ear
repa��ment term and the Cit}�`s current pooled im�estment earning rate has been prepared and is
set forth in E�hibit I, attached hereto and incorporated herein by reference as if set forth in full:
and
�4'HEREAS, Future financing costs incurred as a result of this borro��ine �i�ill varv based
on the Cit}�'s acmal pooled im�estment eamines and the availabilit} of funds to repay the debt.
I�'O�b'. THEREFORE. BE IT RESOLV"ED bv the Cit�- Council of the Cit� of Chula
Vista. that it does herebv affirm and consolidate e�istina interfund loans from the Eastern PAD
fund to the �4'estem PAD fund ��ith a principal amount of S9.94 million.
BE IT FURTHER RESOLVED b�� 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 repa}�ments to date as reflected in Eshibit I to this Resolution. subject to administrative
adjustment based on actual pooled investment earnine rates and availability of funds to repay the
debt.
Resolution\TO. 201�-0�4
Paae No. 2
Presented b�� Approved as to form bv
� � , .
� -
?�4aria achadoorian Gl R. Goo ins
Depum City Manaeer /CFO City e�
P.ASSED. APPROVED, and ADOPTED b�� the Cin- Council of the Citv of Chula Vista.
California. this 17th dav of Februarv 201� b��the follo��ine vote:
AYES: Councilmembers: Asuilar. Bensoussan. McCann. Miesen and Salas
NAYS: Councilmembers: I�ione
ABSENT: Councilmembers: I�'one
_ � .
Marv S as. Mavor
ATTEST:
�� �
Donna R. T�'orris.�C. Citv�lerk
STATE OF CALIFORi\'IA )
COUT'TY OF SAN DIEGO )
CITY OF CHULA VISTA )
I. Donna R. Noms. Citv Clerk of Chula Vista. Califomia. do herebvi cenifv that the foresoins
Resolution No. 201�-034 �i-as dul�� passed: approred. and adopted b}� the Cit�� Council at a
reeular meetina ofthe Chula Vista Cin� Council held on the 17th da�� of Februac�� 201�.
E�ecuted this 17th dav of Februarv 201�.
/���� � ��—
Donna R. I�'orris_ C 4C. Cin� Clerk
Resolution No. 201�-034
Pase No. 3
Ex:�iei� �
CONSOLIDf�TED INTERFUND LOAN AMORTfZATION SCHEDULE �«�/
i��
Loan from Fund: castem?�D(=und 775)
Loan to Fund: . Wes[_m?.AD(=und i 70) Cm�OF .
• QiULA VLSTA
LO.���COA'SOLID��TION SUMMi�RY
Onginal?rincipal: S °,940,000
?aym_nts through June 30,2014: S -
Int=_rest Charoes through Jun=3Q 2014: S i 3E,627
3alance Due as of June 3G,2014: S 70,078p2i
COI�SOLIDATED LOAN TER(�4S
Cu�ent 2mled Investment Eaming Rate: 022°/
FnnualR=oaymentAmount: S 515,DOG
Reoaym=nt Tertn(Years) 20
TotallnterestCharges: S 234,ii3
Grand Totallnteres[Charges: S 373,350
� � Cumulative
Fiscal Year Prin�ipal Interest Annual Total Interest Ending Balance -
�Y2015 � 5 492,62i S 22,7i3 5 515,000 S 22,773 5 9,585,800 -
FY2010 5 49?,911 S 21,OE9 S 515,000 5 43,262 S 9,091,8B8
FY20i7 S 4u4,998 S 20,002 S 515,000 5 63,264 S 8,596,89D-
FY20i8 S 496,087 S 1&,913 S S75,OOD S 82,177 5 8,700,804
FY2079 S 497,778 S 7i,822 S 515,000 5 gc oao S 7,603,625
FY202G S 498,272 S 10,728 S - - 575,000 S 176,727 S 7,105,353
FY2021 S 4°9,368 S 15,632 5 � 515,000 S 132,359 5 6,605,985
FY2022 S 500,467 S i4,533 S 575,OD0 S 140,892 S 6,105,578
FY2023 5 507,568 S 73,432 5 Si5,D00 S 100,324 5 5,003,950
=Y2024 5 502,071 S 72,329 S Si5,000 S 172,653 5 5,101,278
rY2025 5 SD3777 5 11,223 5 515,000 S 783,Si5 5 4,597,502
FY202o S 504,886 S t0,N5 S 575,D00 S 793,990 S 4,092,61n
;Y202i S 505,996 5 9,OG; S 515,000 S 202,994 S 3,566,620
FY2028 S 507,709 5 7,691 S 515,000 S 270,884 S 3,079,577
=Y2025 5 508,225 S o,7i5 S . 515,OD0 S 217,659 S 2,571,280
FY2030 5 509,343 S S,d57 S-� 515,000 _S 223,316 S� 2,067,9<3
FY2037 5 510,464 S c,53d S� 515,000" S 227.852 .S 7,557,579-
�Y2032 5 5i1,587 S 3,=i3 5 515,000 S 231,205 5 7,039,892 -
�Y2G33 5 512,712 S 2,28& S 515,000 S 233,553 5 527,180
FY203: S 527,180 5 1,700 5 528,3:0 S 234,713 5 -
To[al 5 10,078.627 S 234,773 S 10,313,340 S 234,713 S - -