HomeMy WebLinkAboutReso 2006-287
RESOLUTION NO. 2006-287
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA AUTHORIZING THE APPROPRIATION OF
INTEREST EARNED FROM THE 2004 CERTIFICATE OF
PARTICIPATION (CIVIC CENTER PROJECT - PHASE I) IN
THE AMOUNT OF $449,554 TO THE CIVIC CENTER
COMPLEX CAPITAL IMPROVEMENT PROJECT (GG139)
WHEREAS, the City Council previously approved Capital Improvement Project GG-
139, which involved the renovation of the Civic Center Complex; and
WHEREAS, on August 3, 2004, the City Council approved by Resolution 2004-266 a
financing plan for Component A of the project appropriating $15,955,550 from bond proceeds
and $3,000,000 from the Public Facility Development Impact Fund (PFDIF); and
WHEREAS, Phase 1, City Hall, is now complete and in an effort to expend trustee funds
in a timely manner (including interest), it has become necessary to appropriate the interest earned
to the project for expenditures incurred; and
WHEREAS, at the completion of Phase I, it was identified that interest earned was
available, but not yet appropriated to the project for expenditure; and
WHEREAS, in the interest of spending those funds in a timely manner (within three
years time) and offsetting costs that would otherwise be charged to the PFDIF, staff is
recommending at this time that the interest be appropriated to the project as necessary to cover
the final expenditures to Phase I including, but not limited to, the final billing of Phase I from the
Design Builder, Highland Partnership, Inc., and eligible recoverable staff time.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Chula
Vista does hereby authorize the appropriation of interest earned from the 2004 Certificate of
Participation (Civic Center Project - Phase I) in the amount of $449,554 to the Civic Center
Complex Capital Improvement Project (GG 139).
Presented by
Approved as to form by
1lJrJ.Ac- v<D Q ~J<Xf\
M a Kachadoorian
Finance Director
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Ann Moore
City Attorney
Resolution No. 2006-287
Page 2
PASSED, APPROVED, and ADOPTED by the City Council of the City ofChula Vista,
California, this 19th day of September 2006 by the following vote:
AYES:
Councilmembers:
Castaneda, Chavez, McCann, and Padilla
NAYS:
Councilmembers:
None
ABSENT:
Councilmembers:
None
ABSTAIN:
Councilmembers:
Rindone
A5;2L1(
Stephen C. Padilla, Mayor
ATTEST:
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Susan Bigelow, MMC, City Cle
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO )
CITY OF CHULA VISTA )
I, Susan Bigelow, City Clerk of Chula Vista, California, do hereby certiry that the foregoing
Resolution No. 2006-287 was duly passed, approved, and adopted by the City Council at a
regular meeting of the Chula Vista City Council held on the 19th day of September 2006.
Executed this 19th day of September 2006.
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Susan Bigelow, MMC, City CI