HomeMy WebLinkAbout8584RESOLUTION NO. 8584
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDLANDS
AUTHORIZING THE FORGIVENESS OF THE INTERFUND LOAN BETWEEN THE
CITY'S PUBLIC FACILITIES FUND (251) AND THE CITY'S GENERAL FUND (101)
RELATED TO REPAYMENT OF 2003 CERTIFICATES OF PARTICIPATION FOR
CERTAIN PUBLIC INFRASTRUCTURE IMPROVEMENTS REFUNDED IN 1993
WHEREAS, the City issued Certificates of Participation in 2003 to refund borrowings from 1993
that financed certain projects related to the acquisition and construction of the corporate yard, Fire
Station 263, a two-story parking garage in downtown, and certain improvements to the A. K. Smiley
Library; and
WHEREAS, as part of the provisions of the 2003 refinancing, payment of the debt service on the
Certificates of Participation was to be evenly split between the General Fund and the Public Facilities
Fund (50% and 50%, respectively); and
WHEREAS, during certain years the Public Facilities Fund did not have sufficient revenue to
cover its portion of the debt service related to the 2003 Certificates of Participation because such revenue
was linked to the economic cycles and building activity that affected the amount of development impact
fee revenue generated in the fund; and
WHEREAS, revenue currently collected in the Public Facilities Fund is intended to provide a
funding mechanism for new public infrastructure and facilities required to serve new development in the
community; and
WHEREAS, the nature of the projects previously financed under the 2003 Certificates of
Participation are duly recognized as appropriate and proper obligations of the General Fund;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Redlands as
follows:
Section 1. The City Council hereby determines that approval of this Resolution is exempt from
further environmental review pursuant to Sections 15061(b)(3) of the California Environmental
Quality Act guidelines as approval of this resolution will not cause a direct physical change to the
environment, nor a reasonably foreseeable indirect physical change to the environment.
Section 2. The City Council hereby authorizes the forgiveness of the Interfund Loan between
the City's Public Facilities Fund (251) and the City's General Fund (101), and accordingly, the City's
financial accounting records will reflect a decrease in Advances Receivable in the General Fund of
$7,690,541 and a decrease in Advances Payable in the Public Facilities Fund of the same amount.
Section 3. This Resolution shall take effect take effect immediately upon its adoption.
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ADOPTED, SIGNED AND APPROVED this 7tl' day of May,
die Tejeda, Mayor
ATTEST:
e Donaldson, City Clerk
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I, Jeanne Donaldson, City Clerk of the City of Redlands, hereby certify that the foregoing resolution
was duly adopted by the City Council at a regular meeting thereof held on the 7th day of May, 2024, by
the following vote:
AYES: Councilmembers Davis, Guzivan-Lowery, Saucedo; Mayor Tejeda
NOES: None
ABSENT: Councilmember Barich
ABSTAINED: None
e Donaldson, City Clerk
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