Res 16-045RESOLUTION NO. 16 -045
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF POWAY, CALIFORNIA,
APPROVING AN INTERFUND LOAN
FROM THE CITY CAPITAL EQUIPMENT
REPLACEMENT FUND TO THE
CITY COMMUNICATIONS SYSTEM FUND
WHEREAS, the City Council has entered into an agreement (Agreement) with the
County of San Diego establishing the terms for the City's payment of proportional costs for
the Regional Communications System (NextGen RCS) replacement infrastructure; and
WHEREAS, an interfund loan from the City Capital Equipment Replacement Fund
(611) to the City 800 MHz Communications System Fund (281), combined with revenue
from the City's RCS annual assessments, would provide a means of funding the annual
payments to the County as stipulated in the Agreement; and
WHEREAS, under the provisions of the City Debt Management Policy, use of an
interfund loan from a well - capitalized City fund can be determined as the most appropriate
means for borrowing the necessary RCS infrastructure replacement funds, in terms of both
cost and administrative efficiency.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Poway
that an interfund loan from the City Capital Equipment Replacement Fund (611) to the City
800 MHz Communications System Fund (281) is authorized as follows:
Loan total principal and interest is not to exceed $200,000;
The interest rate shall be equal to the current US Treasury yield;
Repayment of the loan shall be completed in the first year following the end of the
County RCS Payment Agreement, or 2027, using the City's RCS system assessments.
PASSED, ADOPTED AND APPROVED by the City Council of the City of Poway
at a regular meeting this 6th day of September 2016.
Steve Vaus, Mayor
ATTEST:
Nancy Neqeld,(CMt,, City Clerk
Resolution No. 16 -045
Page 2
STATE OF CALIFORNIA )
) SS
COUNTY OF SAN DIEGO )
I, Nancy Neufeld, CIVIC, City Clerk, of the City of Poway, do hereby certify under
penalty of perjury that the foregoing Resolution No. 16 -045 was duly adopted by the City
Council at a meeting of said City Council held on the 6th day of September 2016, and that
it was so adopted by the following vote:
AYES: LEONARD, GROSCH, MULLIN, CUNNINGHAM, VAUS
NOES: NONE
ABSENT: NONE
DISQUALIFIED: NONE
Nancy a fel , CMC, City Clerk
City o Poway