1 Resolution No. 2024-
Date Adopted:
RESOLUTION NO. 2024-
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MORENO
VALLEY, CALIFORNIA, AUTHORIZING A LOAN AGREEMENT
BETWEEN THE CITY OF MORENO VALLEY FACLITIES REPLACEMENT
RESERVE FUND AND THE CORPORATE YARD DEVELOPMENT
IMPACT FEES REVENUE FUND IN THE AMOUNT OF $2,985,000.
WHEREAS, the City Council levies a fee for the mitigation of the impacts of new development on the City’s Development Impact Fees Revenue Fund pursuant to the California Mitigation Fee Act (California Government Code Section 6600 et seq.); and WHEREAS, the City collects and records these fees in separate funds called the Corporate Yard Development Impact Fees Revenue Fund; and WHEREAS, the City does not have sufficient fund balance in the Corporate Yard Development Impact Fees Revenue Fund; and
WHEREAS, the City desires to loan funds from the Facilities Replacement Reserve fund to the Corporate Yard Development Impact Fees Revenue Fund in the amount of $2,985,000; and
WHEREAS, the City anticipates receiving future Corporate Yard Development Impact Fees Revenue Funds to repay thi s loan to the Facilities Replacement Reserve Fund.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF MORENO
VALLEY, CALIFORNIA, DOES HEREBY RESOLVE AS FOLLOWS:
BE IT RESOLVED that the Loan Agreement as included as Exhibit A is hereby approved, authorizing a transfer from Facilities Replacement Reserve Fund to the Facility Construction Fund in the amount of $2,9 85,000 to replace insufficient funds from the Corporate Yard Development Impact Fees Revenue Fund. 2 Resolution No. 2024-
Date Adopted:
APPROVED AND ADOPTED this 17th day of September, 2024.
___________________________
Ulises Cabrera, Mayor of the City of Moreno Valley
ATTEST:
____________________________
M. Patricia Rodriguez, Acting City Clerk
APPROVED AS TO FORM:
____________________________
Steve Quintanilla, City Attorney
3 Resolution No. 2024-
Date Adopted:
RESOLUTION JURAT
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.
CITY OF MORENO VALLEY )
I, Patty Rodriguez, Acting City Clerk of the City of Moreno Valley, California, do hereby certify that Resolution No. 202 4-XX was duly and regularly adopted by the City Council of the City of Moreno Valley at a regular meeting thereof held on the 17th day of September 2024 by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
(Council Members, Mayor Pro Tem and Mayor)
___________________________________
M. Patricia Rodriguez, Acting City Clerk
(SEAL)
4 Resolution No. 2024-
Date Adopted:
Exhibit A
LOAN AGREEMENT
The City of Mor
eno Valley is authorizing this LOAN AGREEMENT (“Agreement”) as an interfund loan entered into as of the 17th day of September, 2024, authorizing the transfer of funds by and between the CITY OF MORENO VALLEY FACILITIES REPLACEMENT RESERVE FUND, FACILITY CONSTRUCTION FUND, and the
CITY OF MORENO VALLEY CORPORATE YARD DEVELOPMENT IMPACT FEES REVENUE FUND (herein the “DIF Fund”).
RECITALS
A. Pursuant to t
he provision of the California Mitigation Fee Act (California Government Code Section 66000 et seq,), the City Council of the City of Moreno Valley has approved the levy of a Development Impact Fee to collect fees to mitigate the impact of new development on the City’s Corporate Yard facilities.
B. The City has ins
ufficient fund balance in the Corporate Yard Development Impact Fees (DIF) Revenue fund.
C. The Corporate Yard D
evelopment Impact Fees (DIF) Revenue F und
continues to receive revenues related to new development projects within the City.
D. The City desir
es to loan the Corporate Yard Development Impact Fees
(DIF) Revenue F und an amount sufficient to offset the necessary fund balance related.
AGREEMENT
1. The City agrees to transfer to the Facility Construction Fund the amount of $2,985,000 as of September 17, 2024.
2. City staff is directed to make necessary appropriation adjustments to effectuate this loan by transferring $2,985,000 to the Facility Construction Fund from the Facilities Replacement Reserve Fund in order to replace insufficient funds from the Corporate Yard Development Impact Fees Revenue Fund.
3. City staff is directed to appropriately record this loan in the City’s General Ledger system and subsequent financial reports, as necessary.
4. This loan is considered to be non-interest bearing.
5 Resolution No. 2024-
Date Adopted:
5. The term of the loan is effective until paid off.
6. At the Chief Financial Officer/City Treasurer discretion, the City Council will reconsider this matter.
IN WIT
NESS WHEROF, the parties have executed the Agreement as of the date first above written.
CITY OF MORENO VALLEY
By:
_______________________
Mike Lee, City Manager
ATTEST:
_______________________
M. Patricia Rodriguez, Acting
City Clerk
APPROVED AS TO FORM:
________________________
Steve Quintanilla, City Attorney