Res 15-053RESOLUTION NO 15 -053
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF POWAY, CALIFORNIA,
AUTHORIZING AN INTERFUND LOAN FROM THE SEWER FUND TO THE WATER
FUND IN ACCORDANCE WITH THE CITY DEBT MANAGEMENT POLICY
WHEREAS, the City of Poway maintains separate funds for the operation of the
City's water and sewer systems in accordance with governmental accounting standards,
and
WHEREAS, the City has determined that an interfund loan is the most cost
effective and administratively efficient method for meeting the funding requirements of
the City's water system rehabilitation program through Fiscal Year 2020 -21, and
WHEREAS, the City Sewer Fund has the capacity for funding an interfund loan
to the City Water Fund for an amount sufficient to meet the requirements of the water
system rehabilitation program through Fiscal Year 2020 -21
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Poway
as follows
Section 1. The City Council hereby authorizes the City Manager to process an
interfund loan (Loan) during the FY 2015 -17 Biennium from the City Sewer Fund (520)
to the City Water Fund (510), for an amount not to exceed $5,725,000
Section 2 Repayment of the Loan principal and interest shall be made by the
close of Fiscal Year 2020 -2021 unless the term is amended by subsequent resolution of
the City Council
Section 3 The Loan interest rate shall be equal to the rate of return for a five -
year Treasury security at the time the transfer of funds is authorized by the City
Manager
PASSED, ADOPTED AND APPROVED by the City Council of the City of Poway
at a regular meeting this 15th day of December 2015
teve Vaus, Mayor
ATTEST
�WILL�� at(,
Sheila R Cobian, CMC, City Clerk
Resolution No 15 -053
Page 2
STATE OF CALIFORNIA )
) SS
COUNTY OF SAN DIEGO )
I, Sheila R Cobian, CIVIC, City Clerk of the City of Poway, do hereby certify
under penalty of perjury that the foregoing Resolution No 15 -053 was duly adopted by
the City Council at a meeting of said City Council held on the 15th day of December
2015, and that it was so adopted by the following vote
AYES LEONARD, CUNNINGHAM, MULLIN, GROSCH, VAUS
NOES NONE
ABSENT NONE
DISQUALIFIED NONE
Sheila F� Cobian, CMC, City Clerk
City of Poway