HomeMy WebLinkAbout14-114 - Resolutions RESOLUTION NO. 14-114
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
RANCHO CUCAMONGA, CALIFORNIA, AUTHORIZING
REIMBURSEMENT TO CITY FOR COSTS RELATED TO
SANBAG'S PHASE II JOINT SOLAR PROCUREMENT
THROUGH ITS PARTICIPATION IN CALIFORNIA STATEWIDE
COMMUNITIES DEVELOPMENT AUTHORITY (CSCDA)
FINANCING PROGRAM
WHEREAS, City is a member agency of the San Bernardino Associated Governments
(SANBAG) that serves as the County's Council of Governments (COG) and has undertaken a
number of regional efforts to reduce greenhouse gas emissions in San Bernardino County; and
WHEREAS, the City is participating in the Joint Solar Power Procurement project led by
SANBAG for the opportunity to collectively purchase solar photovoltaic systems and receive
competitive pricing by taking advantage of economies of scale; and
WHEREAS, a Solar Feasibility Analysis and Report was completed and demonstrates
that four City and Fire facilities - Central Park, Metrolink station, Banyan and Day Creek fire
stations -would benefit with solar installation through the Joint Solar Power Procurement; and
WHEREAS, SANBAG is working with the California Statewide Communities
Development Authority (CSCDA) organization, in order to assist the City in financing the solar
improvements; and
WHEREAS, CSCDA is a Joint Powers Authority and was formed to help public agencies
by serving as a conduit bond issuer and providing access to capital; and
WHEREAS, the City (the 'Borrower") has or may make certain expenditures in connection
with Joint Solar Power Procurement (the "Project"), prior to the date of this Resolution, and the
Borrower expects to make additional expenditures for the Project in the future; and
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF RANCHO CUCAMONGA,
HEREBY RESOLVES that the Borrower intends to reimburse itself for all or a portion of such
expenditures, to the extent permitted by law, with the proceeds of bonds or other obligations to be
issued by a political subdivision or other governmental entity for the benefit of the Borrower (the
"Bonds").
BE IT FURTHER RESOLVED that the maximum principal amount of the Bonds expected
to be issued for the project are $3,892,609.00 for the City and $490,553.00 for the Fire District.
Resolution No. 14-114 - Page 1 of 2
PASSED, APPROVED, AND ADOPTED this 2n1 day of July 2014.
AYES: Alexander, Michael, Spagnolo, Steinorth, Williams
NOES: None
ABSENT: None
ABSTAINED: None
1�115enXs Michael, Mayor
ATTEST:
)- U
�✓ Ja ice C. Reynolds, City Cierk
0 I, JANICE C. REYNOLDS, CITY CLERK of the City of Rancho Cucamonga,
California, do hereby certify that the foregoing Resolution was duly passed, approved and
adopted by the City Council of the City of Rancho Cucamonga, California, at a Regular Meeting
of said City Council held on the 2nd day of July 2014.
Executed this 31 day of July 2014, at Rancho Cucamonga, California.
JanICe C. Reynolds, City Clerk
Resolution No. 14-114 - Page 2 of 2