1 Resolution No. 2026-XX
Date Adopted: June 16, 2026
RESOLUTION NO. 2026-XX
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 RECREATION CENTER 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 Recreation Center Development Impact Fee Fund (herein “Rec Center DIF”); and
WHEREAS, the City does not have sufficient fund balance in the Rec Center DIF Fund; and
WHEREAS, the City desires to loan funds from the Facilities Replacement Reserve Fund to the Rec Center DIF Fund in the amount of $3,406,755; and WHEREAS, the City anticipates receiving future Rec Center 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 Rec Center DIF Fund in the amount of $3,406,755 to replace the insufficient fund balance in the Rec Center DIF Fund.
2 Resolution No. 2026-XX
Date Adopted: June 16, 2026
APPROVED AND ADOPTED this 16th day of June 2026.
______________________________
Mayor of the City of Moreno Valley
ATTEST:
City Clerk
APPROVED AS TO FORM:
City Attorney
3 Resolution No. 2026-XX
Date Adopted: June 16, 2026
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 6-__ was duly and regularly adopted by the City Council of the City of Moreno Valley at a regular meeting thereof held on the 1 6th day of June 2026 by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
(Council Members, Mayor Pro-Tem and Mayor)
CITY CLERK
(SEAL)
1 Resolution No. 2026-XX
Date Adopted: June 16, 2026
Exhibit A
LOAN AGREEMENT
The City of Moreno Valley is authorizing THE LOAN AGREEMENT as an interfund loan entered into as of the 16th day of June, 2026, 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 $3,406,755 to fund the Senior Center Expansion, Project No. 803 0057 as authorized by City Council on December 2, 2025.
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. 2026-XX
Date Adopted: June 16, 2026
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