MEMORANUM OF UNDERSTANDING
BETWEEN THE CITY OF PLEASANT HILL AND THE PLEASANT HILL
RECREATION AND PARK DISTRICT
This Memorandum of Understanding ("MOU") is entered into by and between the CITY OF PLEASANT HILL ("City") and the PLEASANT HILL RECREATION AND PARK DISTRICT ("District").
WHEREAS, the City and the District are interested in placing an emergency generator to service the Public Service Corporation Yard and the Community Center on Civic Drive; WHEREAS, the City has received a project estimate in the amount of $480,000; WHEREAS, the City and District intend to split the cost of the project equally with each paying WHEREAS, the City has agreed to finance the District's portion at 0% interest, over three years, beginning in fiscal year 2024/25 and ending in fiscal year 2026/27; WHEREAS, the District has a Bond Measure on the November 5, 2024 ballot; and WHEREAS, if that Bond Measure is successful, the District will pay the entire balance of the loan to the City within 30 days of the first Bond Series being sold; and WHEREAS, if the Bond Measure is not successful, the District will make three installment payments of $80,000 each, annually, beginning two weeks after completion of the project and receipt of an invoice from the City. The two remaining installment payments will be made at 12 and 24 month intervals after the first payment.
NOW THEREFORE, the City and District agree as follows:
1. The City will finance the project at 0% over three fiscal years beginning in 2024/25 and ending in 2026/27.
2. The District shall pay to City, three installments of $80,000 each, annually, with the first payment due two weeks after completion of the project and receipt of an invoice from the
3. The District shall pay to the City the two $80,000 each, installments no later than 12 and 24 months after the first payment.
4. If the Bond Measure (Measure S) is approved, the District shall pay to the City the entire balance of the loan within 30 days of the first Bond Series being sold.
Accepted and Agreed October , 2024
CITY OF PLEASANT HILL PLEASANT HILL RECREATION AND
PARK DISTRICT
By:
Ethan Bindernagel
City Manager