RESOLUTION R20XX-XX
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MANTECA, STATE OF CALIFORNIA, APPROVING LOAN TERMS FOR A LOAN FROM FUND 690 WATER CAPACITY FEE FUND TO FUND 680 WATER RATE REVENUE AND O&M FUND WHEREAS, on March 18, 2025 the City Council approved new Water utility rates; and WHEREAS, the Water Rate Revenue and O&M Fund is in need of temporary cash flows to fund ongoing operations, capital projects and meeting reserve requirements; and WHEREAS, the Water Capacity Fee Fund has significant cash reserves to provide a temporary interfund loan without impacting its operational or capital needs; and WHEREAS, the Water Rate Revenue and O&M Fund agrees to the temporary interfund loan in the amount of $10,000,000 with an interest rate of 4%, with payments beginning in Fiscal Year 2026-27 and to be repaid in 10 years; WHEREAS, the City Council has considered all information related to this matter, as presented at the public meetings of the City Council identified herein, including any supporting reports by City Staff, and any information provided during public meetings.
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Manteca, as follows:
1. The City Council hereby finds that the facts set forth in the recitals to this Resolution are true and correct, and establish the factual basis for the City Council’s adoption of this Resolution.
2. This Resolution shall take effect immediately upon adoption.
3. The City Council hereby approves the interfund loan from Fund 690 Water Capacity Fee Fund to Fund 680 Water Rate Revenue and O&M Fund.
4. The interfund loan has the following terms:
Loan amount: $10,000,000
Interest rate: 4%
Payments beginning Fiscal Year 2026-27
Loan term: 10 years
I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the City Council of the City of Manteca at a public meeting of said City Council held on the __ day of ______, 20__, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
MAYOR: __________________________
GARY SINGH
Mayor
ATTEST: __________________________
CASSANDRA CANDINI-TILTON
City Clerk
ATTACHMENT 1
R20XX-XX Page PAGE 1 of NUMPAGES 1 Resolution date entered here R20XX-XX Page PAGE 1 of NUMPAGES 2 Type approved date of resolution here