HomeMy WebLinkAboutReso 1986-12794RESOLUTION NO. 12794
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA APPROVING REQUEST BY THE
METROPOLITAN TRANSIT DEVELOPMENT BOARD (MTDB)
TO BORROW $480,000 OF THE CITY OF CHULA
VISTA'S TRANSPORTATION DEVELOPMENT ACT (TDA)
FY 1986-87 APPORTIONMENT AND AUTHORIZING THE
MAYOR TO EXECUTE MEMORANDUM OF UNDERSTANDING
(MOU) BETWEEN THE CITY OF CHULA VISTA AND THE
MTDB FOR THIS LOAN
The City Council of the City of Chula Vista does hereby
resolve as follows:
WHEREAS, MTDB Board Chairman James Mills requests the
City of Chula Vista to authorize the Board to claim ~480,000 or
50% of the City's TDA apportionment balance for FY 1986-87, and
WHEREAS, these funds would be considered a loan to MTDB
with a commitment to pay them back with interest by June 30, 1990
as stated in the MOU between the City and MTDB, and
%~HEREAS, MTDB is requesting these funds from Chula Vista
and other jurisdictions in order to satisfy Urban Mass
Transportation Administration (UMTA) requirements establishing an
"overrun account" in order to build the extension of the San
Diego Trolley to E1 Cajon.
NOW, THEREFORE, BE IT RESOLVED that the City Council of
the City of Chula Vista does hereby approve the request by the
Metropolitan Transit Development Board (MTDB) to borrow ~480,000
of the City of Chula Vista's Transportation Development Act (TDA)
FY 1986-87 apportionment.
BE IT FURTHER RESOLVED that that certain Memorandum of
Understanding between the City of Chula Vista and the San Diego
Metropolitan Transit Development Board, a copy of which is
attached hereto as Attachment 2 and incorporated herein by
reference as if set forth in full, be, and the same is hereby
approved.
BE IT FURTHER RESOLVED that the Mayor of the City of
Chula Vista be, and he is hereby authorized and directed to
execute said MOU for and on behalf of the City of Chula Vista.
Presented by
JO n~P. L/ipp~tt~r of
P~blic Works/City Engineer
Approved as to form by
, Assistant City
Attorney
2134a
ADOPTED AND APPF~OVED BY THE CITY COUNCIL OF THE CITY OF
CHULA VISTA, CALIFORNIA, this 28th day of October
ID 86
AYES:
NAYES:
ABSTAIN:
ABSENT:
, by the following vote, to-wit:
Councilmembers
Councilmembers None
Councilmembers None
None
Councilmembers
Malcolm, Campbell, Moore, Cox, McCandliss
Mayor City of Chula Vista
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO ) ss.
CITY Of CHULA VISTA )
I, JENNIE M. FULASZ, CMC, CITY CLERK of the City of Chula Vista, California,
DO HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of
RESOLUTION NO. 12794 ,and that the same has not been amended or repealed.
DATED
CIIY OF
CHUIA VISTA
City Clerk
CC-660
14TDB Document No. 03-87-503, T 440
MEMORANDUM OF UNDERSTANDING BETWEEN
THE CITY OF CHULA VISTA AND THE
SAN DIEGO METROPOLITAN TRANSIT DEVELOPMENT BOARD
WHEREAS, the San Diego Metropolitan Transit Development Board
(hereinafter "MTDB") is about to enter into a full funding contract with the
Urban Mass Transportation Administration for the extension of the East Urban
Line LRT Project from Euclid Avenue in San Diego to the City of E1Cajon; and
WHEREAS, as a condition of that full funding contract, a special
capital reserve account of uncommitted non-federal funds must be established;
and
WHEREAS, with the elimination of State Transit Assistance monies,
MTDB's budget flexibility has been significantly reduced; and
WHEREAS, MTDB has requested various cities and the County of
San Diego to loan a portion of their Transportation Development Act (TDA)
reserves to assist MTDB in establishing this fund; and
WHEREAS, the City of Chula Vista (hereinafter "CITY") has $960,000
in uncommitted TDA reserves and is willing to loan fifty percent (50%) of
those reserves to MTDB to assist in establishing the capital reserve fund; NOW
THEREFORE
IT IS AGREED AS FOLLOWS:
The CITY agrees to loan MTDB $480,000 of Transportation Development Act
(TDA) monies which may be claimed by MTDB for use in establishment of a
capital reserve fund for the East Urban Line LRT Project.
MTDB agrees to establish a separate interest bearing reserve account with
these funds.
MTDB agrees to repay such funds with interest at the rate earned on the
special account, no later than June 30, 1990.
To the extent permitted by the federal full funding contract, MTDB will
reduce this capital reserve account prior to June 30, 1990 and repay the
CITY its proportionate amount of such reduction.
of
This Memorandum of Understanding is hereby agreed to this 28th day
October _, 1986.
CITY OF CHULA VISTA
Approved as to form:
Cfty Attorney '
JPL:dg/REPT2/10-20-86
SAN DIEGO METROPOLITAN
TRANSIT DEVELOPMENT BOARD
General Manager
Approved as to form:
General Counsel
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