HomeMy WebLinkAboutCC RESO 2010-275RESOLUTION NO. 2010 — 275
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NATIONAL CITY
RATIFYING THE MEMORANDUM OF AGREEMENT DATED
NOVEMBER 18, 2010, ORIGINALLY APPROVED ON OCTOBER 5, 2010,
AND NOW REVISED, WITH SANDAG ACTING AS THE SAN DIEGO
COUNTY REGIONAL TRANSPORTATION COMMISSION
TO PROVIDE ADVANCED FUNDING THROUGH DEBT FINANCING
FOR USE OF TRANSNET ELIGIBLE PROJECTS, AND REFINANCE
THE VARIABLE RATE COMMERCIAL PAPER OF $3,366,000
INTO FIXED RATE BONDS FROM FY 2011 UNTIL FY 2020
WHEREAS, on October 5, 2010, the City Council adopted Resolution No. 2010-
233, approving a Memorandum of Agreement ("MOA") between SANDAG and the City of
National City to provide advanced funding though debt financing for Transnet eligible projects
and refinance the variable rate commercial paper of $3,366,000 into fixed rate bonds for 10
years, and authorized the City Manager to execute any necessary documents relating to the
receipt of said funds from SANDAG, including but not limited to a Memorandum of Agreement
(MOA); and
WHEREAS, after approving the MOA on October 5, 2010, SANDAG requested
further revisions to the MOA and asked that a new MOA be signed by November 18, 2010; and
WHEREAS, the revisions to the MOA were generally stylistic and the one change
which addressed the timing of SANDAG's paydown of the outstanding commercial paper was
not considered to materially affect the City.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of
National City hereby ratifies the Memorandum of Agreement dated November 18, 2010, with
SANDAG acting as the San Diego County Regional Transportation Commission to provide
advanced funding through debt financing for use of Transnet eligible projects, and refinance the
variable rate commercial paper of $3,366,000 into fixed rate bonds from 2011 until 2020. Said
Memorandum of Agreement is on file in the office of the City Clerk.
PASSED and ADOPTED this 7th day of December, 2010.
on Morrison, Mayor
ATTEST:
ii)
Micha'el R. Dalla, Ci y Clerk
APPROVED AS TO FORM:
C :udia G. Si
City Attorney
Passed and adopted by the Council of the City of National City, California, on
December 7, 2010 by the following vote, to -wit:
Ayes: Councilmembers Morrison, Natividad, Rios, Sotelo-Solis, Zarate.
Nays: None.
Absent: None.
Abstain: None.
AUTHENTICATED BY: RON MORRISON
Mayor of the City of National City, California
IV(‘'Ij
ACity Ck of the City o National City, California
By:
Deputy
I HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of
RESOLUTION NO. 2010-275 of the City of National City, California, passed and
adopted by the Council of said City on December 7, 2010.
City Clerk of the City of National City, California
By:
Deputy