HomeMy WebLinkAbout2009-12-08; City Council; Resolution 2009-3071
RESOLUTION NO. 2009-307
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A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
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CARLSBAD, CALIFORNIA, ACCEPTING CALIFORNIA ENERGY
COMMISSION LOAN 004-09-ECE-ARRA; APPROPRIATING
FUNDS FROM THE LOAN TO THE STREETLIGHT RELAMPING
PROJECT, AND AUTHORIZING THE CITY MANAGER OR
DESIGNEE TO EXECUTE THE LOAN DOCUMENTS.
WHEREAS, the City Council authorized staff to apply for a low interest loan from the
California Energy Commission to assist with the cost of replacing street lights; and
WHEREAS, the City of Carlsbad received a loan of $1,543,000 from the California
Energy Commission (CEC) for the express purpose of the street light retrofit and replacement
project; and
and
WHEREAS, the CEC Loan funds are part of the total funding package for this project;
WHEREAS, the CEC Loan will be repaid using savings accrued in the Street Lighting
budget resulting from reduced operating costs.
15 NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Carlsbad,
A fa California, as follows:
1. That the above recitations are true and correct.
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2. The City of Carlsbad hereby accepts the California Energy Commission Loan
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with an interest rate of 1%.
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3. The Finance Director is authorized to appropriate $1,543,000 to the Street Light
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Retrofit Project.
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4. The City Manager, or designee, is authorized to execute the loan documents for
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the one percent loan.
5. If the City is unable to obtain the one percent loan in a timely fashion, the
Finance Director is authorized to advance $1,543,000 from the General Capital Construction Fund
("GCC") to the Street Light Fund payable over five years bearing interest at the average annual
yield on the Treasurer's Portfolio.
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PASSED, APPROVED AND ADOPTED at a Regular Meeting of the City Council
of the City of Carlsbad on the 8th day of December. 2009, by the following vote to wit:
AYES: Council Members Lewis, Kulchin, Hall, Packard and Blackburn.
NOES: None.
ABSENT: None.
ptAtJDE'A LEWIS, Mayor
ATTEST:
LORRAINE M.
(SEAL)