HomeMy WebLinkAbout7481_CCv0001.pdf RESOLUTION NO. 7481
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDLANDS CONFIRMING
APPROVAL OF A LOAN FROM THE GENERAL FUND TO THE PUBLIC FACILITIES
FUND
WHEREAS, the City Council approved Resolution No. 7354 establishing an interfund
loan policy effective December 17, 2013; and
WHEREAS, Resolution No. 7354 requires that interfund loans established after the
effective date of the policy be approved by the City Council subsequent to review by the City
Attorney and preparation of a resolution authorizing the loan, including specific loan terms, if
applicable; and
WHEREAS, the Adopted Budgets for Fiscal Year 2013-2014 and Fiscal Year 2014-2015,
as updated, reflect the anticipated requirement of a loan from the General Fund to the Public
Facilities Fund at June 30, 2014, for the purpose of providing the Public Facilities Fund with
sufficient funds to meet its fifty per cent share of debt service on the City's 2003 Lease Revenue
Certificates of Participation; and
WHEREAS, the loan amount reflected in the budget is an estimated amount with the
final loan amount not determined until final audit numbers for the fiscal year ended June 30,
2014 are available;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Redlands as
follows:
Section 1. The City Council hereby confirms approval of the loan from the General
Fund to the Public Facilities fund for the fiscal year ended June 30, 2014 in the amount of three
hundred forty-six thousand six hundred and sixty dollars (5346,660) to be repaid as soon as
sufficient impact fee funds become available in the Public Facilities fund in any one year or over
multiple years.
ADOPTED, SIGNED AND APPROVED this 20th day of January, 2015.
Paul W. F ter, Mayor
ATTEST:
Sam Irwin, ity Clerk
1:\cclerk\Resolutions Res 7400-7499\7481 Public Facitilies Annual Loan.doc
I, Sam Irwin, City Clerk of the City of Redlands, hereby certify that the foregoing resolution was
adopted by the City Council at a regular meeting thereof held on the 20'' day of January, 2015,
by the following vote:
AYES: Councilmembers Harrison, Gilbreath, Barich; Mayor Foster
NOES: None
ABSTAIN: None
ABSENT: None
Sam Irwin, City Clerk