HomeMy WebLinkAbout18-048 - Resolution RESOLUTION NO. 18-048
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO
CUCAMONGA, CALIFORNIA, AMENDING AN APPROVED INTERFUND
LOAN FROM THE CAPITAL RESERVE FUND TO THE GENERAL FUND
AND TO THE SPORTS COMPLEX FUND FOR THE PURCHASE AND
INSTALLATION OF SOLAR PHOTOVOLTAIC SYSTEMS AT CENTRAL
PARK AND EPICENTER
WHEREAS, on September 2, 2015, the City Council adopted Resolution No. 15-170 authorizing
an interfund loan of $5,594,768 from the Capital Reserve Fund for the purchase and installation of solar
photovoltaic systems to the General Fund ($2,379,156) for Central Park and to the Sports Complex Fund
(S3,215,612) for the Epicenter; and
WHEREAS, the actual costs associated with the purchase and installation of solar photovoltaic
systems at Central Park and the Epicenter were below costs estimates upon completion; and
WHEREAS, in accordance with Resolution No. 15-170, payments of $13,545 for the General Fund
and $17,100 for the Sports Complex Fund shall be made monthly on the 15'h day of each calendar month
subsequent to the month of project completion, and commencing on July 15, 2023, payments for theSports
Complex Fund will be reduced to $15,000 per month; and
WHEREAS, in order for the loan to be fully due and payable within 20 years from when the project
is fully operational and yielding energy savings, the monthly payments for the General Fund and the Sports
Complex Fund should be reduced to $8,870 and $11,880, respectively.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF RANCHO CUCAMONGA, HEREBY
RESOLVES, to amend Resolution No. 15-170 as follows:
I. Commencing on July 15, 2018, payments of S8,870 for the General Fund and $11,880 for the
Sports Complex Fund shall be made monthly on the 15'h day of each calendar month.
Resolution No. 18-048 - Page 1 of 2
PASSED, APPROVED, AND ADOPTED this 2151day of June, 2018.
/7
L. De is Michael, ayor
ATTEST:
i
02/nt Z P t tf, dd
JOce C. Reynolds, CIe(#
STATE OF CALIFORNIA
COUNTY OF SAN BERNARDINO ) ss
CITY OF RANCHO CUCAMONGA )
I, Janice C. Reynolds, City Clerk of the City of Rancho Cucamonga, do hereby
certify that the foregoing Resolution was duly passed, approved, and adopted by the City Council of
the City of Rancho Cucamonga, at a Special Meeting of said Council held on the 2151day of June 2018.
AYES: Alexander, Kennedy, Michael, Spagnolo, Williams
NOES: None
ABSENT: None
ABSTAINED: None
Executed this 22nd day of June, 2018, at Rancho Cucamonga, California.
2
_ i1•G( Lc f iC Qd4
Janice C. Reynolds, Cler
Resolution No. 18-048 - Page 2 of 2