HomeMy WebLinkAboutRES CC 2009 2802 2009 0401RESOLUTION NO. 2009 -2802
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
MOORPARK, CALIFORNIA AUTHORIZING A LOAN OF
UP TO $1,500,000 FROM THE SPECIAL PROJECTS
FUND (4004) TO THE PARK IMPROVEMENT ZONE 1
FUND (2111) FOR THE POINDEXTER PARK EXPANSION
WHEREAS, on July 2, 2008, the City Council adopted the Operating and Capital
Improvement Budget for Fiscal Year 2008/09; and
WHEREAS, the adopted budget included an aggregate appropriation in the Park
Improvement Zone 1 Fund (2111) of $2,295,369 for Capital Improvement Project No.
7801 - Design and Construction of Poindexter Park Expansion; and
WHEREAS, the same budget provided that the Park Improvement Community
Wide Fund (2100) would transfer $700,000 to Park Improvement Zone 1 Fund (2111) to
partially finance the Poindexter Park Expansion Project; and
WHEREAS, a staff report has been presented to the City Council requesting a
loan of up to $1,500,000 from the Special Projects Fund (4004) to the Park
Improvement Zone 1 Fund (2111) for the Poindexter Park Expansion Project, with
variable interest based on the average interest rate earned by LAIF from the previous
year; and
WHEREAS, said staff report directs the loan funds to be transferred from Special
Projects Fund (4004) to the Park Improvement Zone 1 Fund (2111) when needed and
the principal and interest to be repaid as new development and parkland fees are
collected; and
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF MOORPARK
DOES HEREBY RESOLVE AS FOLLOWS:
SECTION 1. The loan of up to $1,500,000 from the Special Projects Fund
(4004) to the Park Improvement Zone 1 Fund (2111), with variable interest based on the
average interest rate earned by LAIF from the previous year, is hereby approved.
SECTION 2. That a fund transfer of up to $1,500,000, as particularly described
in Exhibit "A ", is hereby approved.
SECTION 3. At fiscal year end, Finance department shall transfer out any
surplus fund balance in the Park Improvement Zone 1 Fund (2111) to the Special
Projects Fund (4004) to repay the principal and interest accrued for the period until the
loan is fully satisfied.
Resolution No. 2009 -2802
Page 2
SECTION 4. The City Clerk shall certify to the adoption of this resolution and
shall cause a certified resolution to be filed in the book of original resolutions.
PASSED AND ADOPTED this 1 st day of April, 2009.
ATTEST:
J&4t.4t��
Maureen Benson, Assistant City Clerk
r
J n' e S. Parvin, Mayor
Attachment: Exhibit "A ": Budget Appropriation and Fund Transfer Detail
Resolution No. 2009 -2802
Page 3
Exhibit A
Budget Amendment for
Special Projects and Park Improvement Zone 1 Funds
for Transfer $1,500,000 Loan Required for Poindexter
Park Expansion Project
FY 2008/09
A. Fund Allocation
Fund Description
Account
Amount
Special Projects Fund
4004 -5500
1,500 000
4004 - 7800 - 7803 -9820
$01
Total
195009000
B. Appropriation Allocation
Budget Number
Adopted
Budget
Budget
Change
Revised Budget
FROM:
4004 - 7800 - 7803 -9820
$01
1 5001000
$1,500,000
TO:
2111 -3720
$0
1 500 000
$12500,000
Resolution No. 2009 -2802
Page 4
STATE OF CALIFORNIA )
COUNTY OF VENTURA ) ss.
CITY OF MOORPARK )
I, Maureen Benson, Assistant City Clerk of the City of Moorpark, California, do
hereby certify under penalty of perjury that the foregoing Resolution No. 2009 -2802 was
adopted by the City Council of the City of Moorpark at a regular meeting held on the 1st
day of April, 2009, and that the same was adopted by the following vote:
AYES: Councilmembers Lowenberg, Mikos, Millhouse, Van Dam, and
Mayor Parvin
NOES: None
ABSENT: None
ABSTAIN: None
WITNESS my hand and the official seal of said City this 13th day of April, 2009.
Maureen Benson, Assistant City Clerk
(seal)