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Home My WebLink About2008 CON SANDAG - Advanced Funding Street ImprovementsNOTE TO FILE IN THE MATTER OF: 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. NO FULLY EXECUTED ORIGINAL AGREEMENT HAS BEEN PROVIDED TO THE CITY CLERK AS OF MARCH 10, 2008. 03-10-08 — Per Alberto Griego, the MOU generated for Resolution 2008-23 has been cancelled due to discrepancy on the amount. This Resolution is superseded by Resolution No. 2008-51 adopted on April 1, 2008. NTF RESOLUTION 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, 0 18. Ron Morrison, Mayor ATTEST: 7.,,ili Michael R. Della, ity Clerk APPROVED AS TO FORM: 7) air 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) (900,0001 ;900,000) CP Interest/Other Fees (202,500) (202,',00) (202,500) (202,500) (202,500) CP Disbursement (4,500,000) Ending Balance $1,705,169 $1,914,669 52,191,169 $2,537,669 $2,950,169 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, Califomia, 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 Cityerk 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, California, passed and adopted by the Council of said City on February 5, 2008. City Clerk of the City of National City, California By: Deputy ' 00ce•: City of National City, California COUNCIL AGENDA STATEMENT MEETING DATE February 5, 2008 AGENDA ITEM NO. 15 ITEM TITLE Resolution of the City of National City requesting SANDAG to provide advanced funding through debt financing for resurfacing street improvements in the amount of $4,500,000 and authorizing the City Manager to execute a Memorandum of Understanding between the San Diego Association of Govemments and the City of National City PREPARED BY Din Daneshfar DEPARTMENT Engineering EXT. 4387 EXPLANATION See attached explanation. J Environmental Review X N/A MIS Approval Financial Statement Approved By: Finance Director The advanced funding will be effective upon SANDAG's completion of the MOU execution and reflected in the City's CIP (08-09). Account No STAFF RECOMMENDATION Adopt the Resolution, direct he City Clerk ticfthe Res . on to the signed MOU, and submit it to SANDAG for its execution. BOARD / COMMISSION R 0 MEDATION f N/A ATTACHMENTS (Listed Below) 1. Resolution 2. MOU Resolution No. `') o . A-200 (Rev. 7/03)