1 Resolution No. 2025-
Date Adopted: June 17, 2025
Exhibit A
LOAN AGREEMENT
The City of Moreno Valley is authorizing THE LOAN AGREEMENT as an interfund loan entered into as of the 17th day of June, 2025, authorizing the transfer of funds by and between the CITY OF MORENO VALLEY FACILITIES REPLACEMENT RESERVE FUND and the CITY OF MORENO VALLEY RECREATION CENTER DEVELOPMENT IMPACT FEE FUND (herein the “DIF Fund”).
RECITALS
A. Pursuant to the 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 facilities.
B. The City has an insufficient fund balance in the DIF Fund.
C. These cash balances are the result of the construction of facilities.
D. The DIF Fund continues to receive revenues related to new development projects within the City.
E. The City desires to loan the DIF Fund an amount sufficient to offset the necessary funds needed for the Senior Center Expansion project.
AGREEMENT
1. The City agrees to transfer funds to DIF Fund (2907) the amount of $1,611,217 and appropriate the needed budget to the City’s Facility Construction Fund (3000) for the same amount as authorized by City Council on October 15, 2024.
2. City staff is directed to make necessary appropriation adjustments to effectuate this loan.
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. The term of the loan is effective until paid off.
6. The repayment of this loan will occur as revenues are received in the DIF Fund. 2 Resolution No. 2025-
Date Adopted: June 17, 2025
Exhibit A
7. At the Chief Financial Officer/City Treasurer’s discretion, the City Council will reconsider this matter as needed.
IN WITNESS WHEROF, the parties have executed the Agreement as of the date first above written.
CITY OF MORENO VALLEY
By:
City Manager
ATTEST:
City Clerk
APPROVED AS TO FORM:
City Attorney