Res 16-057RESOLUTION N. 16-057
A RESOLUTION OF THE CITY COUNCIL OF THE CITY F
POWAY, CALIFORNIA, AUTHORIZING AN I NTERFU D
LOAN FROM THE CAPITAL EQUIPMENT REPLACEMENT
FUND TO THE PWAY MIDLAND RAI LRAD ROLLING
STOCK REPLACEMENT FUND
WHEREAS, the City of Poway maintains separate funds for capital replacement
of equipment and replacement of Poway Midland Railroad rolling stock in accordance
with governmental accounting standards;
WHEREAS, on December 6, 2016, the City Council approved the award of a
contract in the amount of $360,500 for boiler replacement for the City's 1907 Baldwin
steam locomotive to Hercules Powered Equipment, Inc.;
WHEREAS, the City has entered into an Agreement with the Poway Midland
Railroad Volunteers whereby each party will pay o of the cost of locomotive boiler
replacement, such payment to take place over a 15-year period;
WHEREAS, as provided for and consistent with the City Financial Policy and
Debt Management Policy, City Council may authorize a loan from the Capital
Equipment Replacement Fund 61 to a specific project fund, at the time dead
suitable, for the purpose of pre- funding the project before anticipated revenue is
received; and
WHEREAS, the Capital Equipment Replacement Fund (611) has the capacity for
funding an int rfund loan to the Poway Midland Railroad Rolling Stock Replacement
Fund 1 for an amount sufficient to fund boiler replacement.
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
int rfund loan (Loan) in Fiscal Year 2016-17 from the Capital Equipment Replacement
Fund (611) to the Pray Midland Railroad Rolling Stock Replacement Fund (618), in
the amount of $360,500.
Section 2: Repayment f the Loan principal and interest shall be made by the
close of Fiscal Year 2031-32 unless the term is amended by subsequent resolution of
the City Council.
Section 3: The Loan interest rate shall be %.
Resolution No. 16-057
Page 2,
PASSED, ADOPTED, AND APPROVED by the City Council of the City of
Poway, California, at a regular meeting this 6th day of December 2016.
e "e Vacs, Mayor
, 0-6 001 M
Weuf,61c(, CMC, City Clerk
STATE OF CALIFORNIA
CO1UNiTYOF SAN DIEGO
1, Nancy Neufeld, City Clerk, of the City of Poway, California, do hereby certify
under penalty of perjury that the foregoing Resolution No. 16-0,57 was duly adopted by
the City Council at a meeting of sa,id City Council held on the 6th day of December
2016, and that it was so adopted by the following vote:
AYES: LEONARD, GIROSCH, MULLIN, CUNNINGHAM, VAUJ
21061 Eff0*1104
ABSENT- NONE
11IM"I 1 419191
Nan-cy Ke4e]6, CIVIC, City Clerk
City of Poway