HomeMy WebLinkAbouta200 Partial Defeasance Interest PaymentsCITY OF NATIONAL CITY, CALIFORNIA
COUNCIL AGENDA STATEMENT
MEETING DATE:
duly 19, 20111
AGENDA ITEM NO.
ITEM TITLE:
Resolution of the City of National City approving the redemption of $204,361.00 in CDBG funds held
as State and Local Government Securities purchased under a Defeasance Escrow for the U.S.
Department of HUD Section 108 Loan used to fund the construction of Fire Station 34, also approving
the reallocation of $48,500.50 in CDBG funds from the remaining balance of a Fiscal Year 2010-11
allocation to the Christmas in July Rehabilitation Program to cover $252,861.50 of interest due on the
Section 108 loan in Fiscal Year 2011-12, and furthermore approving an interim allocation from
General Fund Contingency Reserves of $77,930.25 to complete the interest payment of $126,430.75
due on July 25, 2011 to be repaid from the proceeds of said Securities.
PREPARED BY: Carlos Aguirre DEPARTMENT: Administrative Services
APPROVED BY��
PHONE:
(619) 336-43911
EXPLANATION:
Please refer to the explanation immediately attached.
FINANCIAL STATEMENT: APPROVED: finance
ACCOUNT NO. I APPROVED: MIS
The interest due in the amount of $252,861.50 in FY2011-12 on the Section 108 Loan will be paid with
$204,361.00 of City -held Treasury Securities (account 506-0131) and a reallocation of $48,500.50 from
the Christmas in July Housing Rehabilitation Program (account 301-409-000-650-0922)1
ENVIRONMENTAL REVIEW:
The repayment of the Section 108 loan is exempt from NEPA Environmental Review.
ORDINANCE: INTRODUCTION:
FINAL ADOPTION:
STAFF RECOMMENDATION:
Approve the Resolution
BOARD 1 COMMISSION RECOMMENDATION:
There is no board or commission recommendation required.
ATTACHMENTS:
1. Explanation- Partial Defeasance Escrow Interest Payments
2. Partial Defeasance Escrow Memorandum dated June 4, 2010