HomeMy WebLinkAboutCC RESO 2005 - 68RESOLUTION NO. 2005 — 68
RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF NATIONAL CITY REQUESTING
SANDAG TO PROVIDE ADVANCED FUNDING THROUGH
DEBT FINANCING FOR IMPROVEMENTS ON THE
NATIONAL CITY STREET RESURFACING PROGRAM
WHEREAS, SANDAG, acting as the San Diego County Regional
Transportation Commission, is responsible for the administration of the TransNet
program (Proposition A, November 1987 and November 2004); and
WHEREAS, to accelerate the implementation of sales tax funded projects,
SANDAG has established debt financing programs to provide advanced funding for
eligible projects under the TransNet program; and
WHEREAS, the following project being implemented by the City of National
City have been approved by SANDAG through the 2008 TransNet Program of Projects
and would benefit from the availability of advance funding:
NATIONAL CITY STREET RESURFACING PROGRAM, which requires an
amount of $3,000,000 (Three million dollars) in debt financing.
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of
National City as follows:
1. That the City Manager is hereby authorized to request advance funding from
SANDAG through its debt financing program in an amount not to exceed
$3,000,000 (Three million dollars).
2. That the City Manager is hereby authorized to execute any necessary documents
relating to the receipt of said funds from SANDAG.
3. That the City of National City will be responsible for paying its proportionate share
of the annual interest and administrative costs of the commercial paper based on
the ratio of the amount of financing provided to. the City of National City to the
total commercial paper outstanding for each fiscal year.
4. That SANDAG will deduct said interest and administrative costs from the City of
National City monthly TransNet Sales tax allocations prior to making any other
sales tax payments for other City of National City projects.
5. That the City of National City will repay to SANDAG the principal amount
borrowed according to the schedule below. If paid from future sales tax
revenues, these principal payments will be deducted by SANDAG from City of
National City's monthly TransNet sales tax allocations prior to making any other
sales payments for other City of National City's projects.
Resolution No. 2005 — 68
April 5, 2005
Page 2
July 1, 2005,
January 1, 2006
July 1, 2006
January 1, 2007
July 1, 2007
October 31, 2007
$500,000 (Five hundred thousand dollars)
$500,000 (Five hundred thousand dollars)
$500,000 (Five hundred thousand dollars)
$500,000 (Five hundred thousand dollars)
$500,000 (Five hundred thousand dollars)
$500,000 (Five hundred thousand dollars)
6. That the first priority use of the City of National City's annual allocation of
TransNet revenues shall be payment of any required costs of debt financing.
PASSED and ADOPTED this 5th day of April, 2005.
Nick Inzuna,ayor
ATTEST:
Mic ael Dalla,l ity Clerk
APPROVED AS TO FORM:
George H. Eiser, III
City Attorney