1 Resolution No. 2025-
Date Adopted: June 17, 2025
RESOLUTION NO. 2025-___
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MORENO
VALLEY, CALIFORNIA, AUTHORIZING THE LOAN AGREEMENT
BETWEEN THE CITY OF MORENO VALLEY FACLITIES REPLACEMENT
RESERVE FUND AND THE PUBLIC ART DEVELOPMENT IMPACT FEE
FUND
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 Public Art Development Impact Fee Fund (herein “Public Art DIF”); and
WHEREAS, the City does not have sufficient fund balance in the Public Art DIF Fund; and
WHEREAS, the City desires to loan funds from the Facilities Replacement Reserve Fund to the Public Art DIF Fund in the amount of $10,000,000; and WHEREAS, the City anticipates receiving future Public Art DIF Funds to repay this 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, the Loan Agreement as attached as Exhibit A, is hereby approved, authorizing the Loan Agreement from the Facilities Replacement Reserve Fund to the Public Art DIF Fund in the amount of $ 10,000,000 to replace the insufficient fund balance in the Public Art DIF Fund.
2 Resolution No. 2025-
Date Adopted: June 17, 2025
APPROVED AND ADOPTED this 17th day of June 2025.
______________________________
Mayor of the City of Moreno Valley
ATTEST:
City Clerk
APPROVED AS TO FORM:
City Attorney
3 Resolution No. 2025-
Date Adopted: June 17, 2025
RESOLUTION JURAT
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.
CITY OF MORENO VALLEY )
I, M. Patricia Rodriguez, City Clerk of the City of Moreno Valley, California, do hereby certify that Resolution No. 202 5-__ 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 June 2025 by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
(Council Members, Mayor Pro-Tem and Mayor)
CITY CLERK
(SEAL)