RESOLUTION NO. 23-_______
A RESOLUTION REQUESTING ALLOCATION OF LOCAL ASSISTANCE FUNDS FROM SENATE BILL 154 (SKINNER) BUDGET ACT OF 2022, IN THE AMOUNT OF $8,000,000 WHEREAS, on October 7, 2022, the City of Hercules ("City") received $8,000,000 from the California Department of Finance as a disbursement from the 2022-23 State Budget, General Government Section, Code 9210 Local Government Financing, 7540 Aid to Local Government. The State budget allocation was enacted by Senate Bill 154 (Skinner) Budget Act of 2022; and WHEREAS, the City has requested and received these funds in the winter of 2022; and WHEREAS, the staff recommends the following allocation of State local assistance funds from Senate Bill 154 (Skinner) Budget Act of 2022:
Recommendation #1 - Allocate $2.5 million to partially pay the CalHFA loans and re-negotiating with CalHFA to repay the remaining balance in five to ten years.
Recommendation #2 - Allocate $5.5 million to Capital Reserve for future infrastructure improvements, including the Hercules Hub project.
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Hercules hereby approves the staff recommendation to allocate the funds received from the State local assistance funds from Senate Bill 154 (Skinner) Budget Act of 2022, as follows:
Allocate $2.5 million to partially pay the CalHFA loans and re-negotiating with CalHFA to repay the remaining balance in five to ten years.
Allocate $5.5 million to Capital Reserve for future infrastructure improvements, including the Hercules Hub project.
The foregoing Resolution was duly and regularly adopted at the City Council meeting of the City of Hercules held on the 10th of January 2023, by the following vote of the Council:
AYES:
NOES:
ABSENT:
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Alexander Walker-Griffin, Mayor
ATTEST:
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Eibleis Melendez, Acting City Clerk