HomeMy WebLinkAboutCC RESO 2008-23RESOLUTION NO. 2008 — 23
RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF NATIONAL CITY REQUESTING
SANDAG, THROUGH ITS TRANSNET COMMERCIAL PAPER
PROGRAM, TO PROVIDE ADVANCED FUNDING THROUGH
DEBT FINANCING FOR IMPROVEMENTS ON THE NATIONAL CITY
STREET RESURFACING PROGRAM, AND AUTHORIZING
THE CITY MANAGER TO EXECUTE A MEMORANDUM
OF UNDERSTANDING BETWEEN THE CITY AND SANDAG
TO MEMORIALIZE THE TERM OF THE ADVANCED FUNDING
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 $4,500.000 (Four million five hundred thousand 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 $4,500,000 (Four
million five hundred thousand dollars).
2. That the City Manager is hereby authorized to execute the Memorandum of
Understanding between the City and SANDAG regarding the TransNet Commercial Paper
Program, and any other 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 set forth in Attachment "A". 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. 2008 — 23
February 5, 2008
Page 2
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 February, 2,17Q8.
Ron Morrison, Mayor
ATTEST:
A
Michael R. Dalla, ity Clerk
APPROVED AS TO FORM:
George H. Eiser, III
City Attorney
Attachment A
National City $4.5M Commercial Paper Request
FY 2009 FY 2010 FY 2011 FY 2012 FY 2013
Beginning Balance (est) 1,549,669 1,705,169 1,914,669 2,191,169 2,537,669
Allocations 1,258,000 1,312,000 1,379,000 1,449,000 1,515,000
CP Proceeds 4,500,000
CP Principal Repayment (900,000) (900.000) (900,000) ;900,000) 900,000)
CP Interest/Other Fees (10),500) (202,500) (202,500) ;202,500) (202,500)
CP Disbursement (4,500,000)
Ending Balance 51,705,169 S1,914,669 S2,191,169 S2,537,669 52,950,169
Notes:
1. Assumes no other project expenditures from the TransNet program over through FY2013
2. Estimated revenues based on Jan. 2008 projections for the next 5-years,
3. Beginning balance for FY2009 estimated based on latest payment schedulE
Passed and adopted by the Council of the City of National City, California, on February
5, 2008 by the following vote, to -wit:
Ayes: Councilmembers Natividad, Parra, Ungab, Zarate.
Nays: None.
Absent: Morrison.
Abstain: None.
AUTHENTICATED BY: RON MORRISON
Mayor of the City of National City, California
City erk of the City of ational City, California
By:
Deputy
I HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of
RESOLUTION NO. 2008-23 of the City of National City, Califomia, passed and adopted
by the Council of said City on February 5, 2008.
City Clerk of the City of National City, California
By:
Deputy