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17 RESOLUTION NO. RES-22-0156
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF LONG BEACH AUTHORIZING THE CITY
MANAGER, OR DESIGNEE, TO RECORD A 10-YEAR
INTERFUND LOAN OF $21,832,202 FROM THE GENERAL
FUND'S OWN PORTION OF THE FLEET ACQUISITION
FUND TO THE GENERAL FUND TO REIMBURSE
$21,832,202 FROM THE GENERAL FUND TO THE WATER
FUND, PURSUANT TO THE OUTCOME OF THE MEASURE
M LITIGATION
WHEREAS, the Measure M litigation requires the General Fund to reimburse the Water Fund $21.8 million by September 20, 2022; and WHEREAS, to avoid reducing the General Fund's cash reserves by that amount, internal borrowing from the Fleet Acquisition Fund, which is an inter-service fund, into the General Fund is the best approach;
18 NOW, THEREFORE, the City Council of the City of Long Beach resolves as 19 follows:
20 Section 1. The City Manager, or designee, is authorized to approve a 10- 21 Year lnterfund Loan of $21,832,202 from the Fleet Acquisition Fund to the General Fund. 22 Section 2. The term of the lnterfund Loan is ten (10) years, with interest 23 only the first year. Each of the annual principal payments in fiscal years 2023-24 through 24 2031-32 will be $2,425,800, payable on the anniversary date of the loan. Each fiscal year, 25 simple interest will be paid by the General Fund to the Fleet Acquisition Fund for interest 26 earned the previous fiscal year, at the same rate earned by the pooled cash investment 27 portfolio managed by the City Treasurer.
28 Section 3. This resolution shall take effect immediately upon its adoption RFA:bg A22-02613 (08-17-2022)
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28 by the City Council, and the City Clerk shall certify the vote adopting this resolution.
I hereby certify that the foregoing resolution was adopted by the City Council of the City of Long Beach at its meeting of ____ s_e_pt_e_m_b_e_r 6 ____ , 2022 by the following vote:
Ayes:
Noes:
Absent:
Councilmembers: Zendejas, Allen, Price, Supernaw, Saro, Uranga, Austin, Richardson.
Councilmembers: None. ------------------
Councilmembers: Mungo. __ ;;.__ ______________ _
Recusal(s): Councilmembers: _N_o_n_e_. ______________ _ RFA:bg A22-02613 (08-17-2022)
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