RESOLUTION NO. 2023-
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS AUTHORIZING AN INTERFUND LOAN IN AN AMOUNT NOT TO EXCEED $6,300,000 FOR REVENUE-PRODUCING CAPITAL OBLIGATIONS, APPROVING THE INTERFUND LOAN FINANCING STRUCTURE, AND AUTHORIZING THE CITY MANAGER TO EXECUTE ALL RELATED AGREEMENTS, AMENDMENTS, AND DOCUMENTS.
WHEREAS, the City of San Marcos (“City”) is the owner of real property addressed as 1 Civic Center Dr., and 555-595 Grand Ave, and operates a real estate portfolio as part of the fulfillment of Section 203 of the San Marcos Charter emphasizing non-tax revenue sources; and WHEREAS, improvements are necessary for the City to fulfill its obligations as landlord of revenue-producing properties, and funding is required to support the City’s costs related to its capital obligations; and WHEREAS, the City has identified capital obligations related to improvements at Creekside Marketplace and non-municipal leased portions of 1 Civic Center Drive, in an amount not to exceed $6,300,000; and WHEREAS, the City has adopted an Interfund Loan Policy, establishing guidelines regarding the establishment, management, and repayments of interfund loans; and WHEREAS, said interfund loans require approval by resolution of the City Council; and WHEREAS, the City wishes to execute an interfund loan from the City’s Public Facilities (SR78) Fees Fund (Fund 402) to the City’s Enterprise Funds to provide for the payments of the capital obligations; and WHEREAS, said interfund loan shall be documented with a financial plan reflecting a repayment schedule and interest rate to be charged; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of San Marcos, California, as follows:
The City Manager is delegated the authority to execute an interfund loan from the City’s Public Facilities Fees Fund to the City’s Enterprise Funds in an amount not to exceed $6,300,000 for expenses related to capital improvements at Creekside Marketplace and City Hall Building for a term of ten (10) years at .083% amortized interest; and The City Manager is authorized to appropriate and adjust the Public Facilities (SR78) Fees Fund (Fund 402), the Creekside Marketplace Enterprise Fund (Fund 601), and the Real Property Management Enterprise Fund (Fund 605) Operating Budgets as necessary; and The City Manager is delegated the authority to expend interfund loan funds related to Capital obligations, as well as finalize and execute all agreements, amendments, and documents related to revenue-generating capital obligations at Creekside Marketplace and 1 Civic Center Drive.
PASSED, APPROVED, AND ADOPTED by the City Council of the City of San Marcos this 28th day of February, 2023, by the following roll call vote:
AYES: COUNCILMEMBERS:
NOES: COUNCILMEMBERS:
ABSENT: COUNCILMEMBERS:
Rebecca D. Jones, Mayor
City of San Marcos
ATTEST:
Phillip Scollick, City Clerk
City of San Marcos
Resolution No. 2023-
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