HomeMy WebLinkAbout1991-11-19; City Council; Resolution 91-373.I
1
2
3
4
5
6
7
a
9
10
11
12
13
l4
15
16
17
18
19
20
21
22
23
24
25
26
27
28
0 0
RESOLUTION NO. 9 1 - 3 7 3
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CARLSBAD, CALIFORNIA, AUTHORIZING THE MAYOR TO
EXECUTE AN AGREEMENT WITH SANDAG ACTING AS THE SAN
DIEGO COUNTY REGIONAL TRANSPORTATION COMMISSION
FOR THE LOAN OF TRANSNET FUNDS FOR THE PALOMAR
AIRPORT ROAD/I-5 INTERCHANGE PROJECT
WHEREAS, the City Council has directed staff to proceed with th
construction of the Palomar Airport Road/I-5 Interchange project; and
WHEREAS, funding for this project will be made available during fisc;
year 1992-93 from the Community Facilities District No. 1; and
WHEREAS, the City Council desires to advance the schedule of tk
Palomar Airport Road/I-5 Interchange project into fiscal year 1991 -92 throug
the use of a loan of TransNet Highway funds by the County Region;
Transportation Commission; and
WHEREAS, said loan will allow the City to make findings as required E
CALTRANS that funding for the Palomar Airport Road/I-5 Interchange project
available; and
WHEREAS, the attached Agreement provides the County Region
Transportation Commission and the City of Carlsbad with the ability to enter hi
said loan.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City
Carlsbad, California, as follows:
1. That the above recitations are true and correct.
///
///
,,
1
2
3
4
5
6
7
8
9
IO
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
0 0
2. That the Mayor is hereby authorized to execute the attach
Agreement Exhibit A on behalf of the City of Carlsbad to accept the loan
TransNet Highway funds for the Palomar Airport Road/I-5 Interchan;
project.
PASSED, APPROVED, AND ADOPTED at a regular meeting of the Ci
Council of the City of Carlsbad, California on the 19 th day of Novpmhpr
, 1991, by the following vote, to wit:
AYES: Council Members Lewis, Kulchin, Larson, Nygaard & Stan
NOES: None
ABSENT: None
ATTEST: -4f&
ALETHA L. RAUTENKRANZ, city Clerk\
(SW)
0 0 "e
AGREEMENT BETWEEN
THE SAN DIEGO ASSOCIATION OF GOVERNMENTS
ACTING AS THE SAN DIEGO COUNTY REGIONAL
TRANSPORTATION COMMISSION
AND
THE CITY OF CARLSBAD
FOR A LOAN OF TRANSNET FUNDS
FOR THE PALOMAR AIRPORT ROAD/I-5 INTERCHANGE PROJECT
THIS AGREEMENT is entered into this day of , 1991, betweei
the San Diego Association of Governments, a public agency acting as the San Diego Court
Regional Transportation Commission (hereinafter referred to as "SANDAG") and the City o
Carlsbad (hereinafter referred to as "City").
RECITALS
WHEREAS, the voters approved Proposition A on November 3, 1987, adopting thc
San Diego Transportation Improvement Program Ordinance and Expenditure Plan, Ordinancc
87-1, (referred to herein as "Ordinance"); and
WHEREAS, Section 3 of the Ordinance imposed a 1/2 percent transactions and USI
tax (referred to herein as "Sales Tax") for a period not to exceed twenty years for the purpos~
of providing funding for highway, transit, bicycle, and local street and road improvement
regionwide; and
WHEREAS, Section 9 of the Ordinance provides that the Sales Tax revenues shal
not be used to replace private developer funding which has been or will be committed for an
project; and
WHEREAS, SANDAG adopted Commission Policy #2 which allows SANDAG tl
approve a loan of Sales Tax revenues to finance a project which is prohibited from receivin,
funding under Section 9 of the Ordinance subject to certain terms and conditions; and
WHEREAS, the City has expressed interest in a loan of Sales Tax funds to accelerat
the implementation of the Palomar Airport Road/I-5 Interchange Improvement Project (referrec
to herein as "Project"); and
WHEREAS, the Project is included in and will be financed by developers throug
Bridge and Thoroughfare Benefit District No. 1 and Community Facilities District No. 1 makin,
it subject to the requirements of Section 9; and
WHEREAS, the Project would be an eligible street and road project under th
1
0 0
Ordinance absent private developer funding; and
WHEREAS, in order to accelerate the implementation of this important proje
SANDAG and the City desire to enter into a Sales Tax loan agreement in accordance with
terms and conditions of Commission Policy #2.
NOW THEREFORE, SANDAG and the City agree as follows:
1. That SANDAG will loan up to $8,200,000 from the 1991 Series A Sales Tax Rever
Commercial Paper Notes to the City for development of the Project. Payments will
request from the City with supporting documentation.
That, until such time as the amount loaned is repaid in full, SANDAG will deduct I
prorated share of the debt service payments on that portion of the Commercial Paper NI
funds loaned for the Project from the City’s share of the Sales Tax revenues allocated
street and road purposes.
That the City will repay the total amount loaned, plus an amount equal to all debt serv
payments made up to the point in time at which the loan is repaid, from revenues rnz
available through Bridge and Thoroughfare District #1 and/or Community Facilit
District #l. The repayment of the amount of Sales Tax revenues used for debt serv
purposes shall include the interest earnings that the Sales Tax funds would have earned 1
the funds remained in the Sales Tax fund. Such interest earnings shall be computed bas
on the average annual rate of return earned on the investment of the Sales Tax fun
during the period of the loan. It is currently anticipated that the repayment of the loan M
take place by the fall of 1992.
That, in the event that revenues from Bridge and Thoroughfare District #1 and,
Community Facilities District #1 are not sufficient to repay the loan and related dt
service and interest payments, then the City shall provide payment from other local nc
transportation Sales Tax revenues.
That upon repayment, SANDAG will retire that portion of the outstanding Commerc
Paper Notes loaned to the Project and will reimburse the City’s Sales Tax funds in
amount equal to the total debt service payments made plus the amount of interest earnir
that these funds would have earned had the funds remained in the Sales Tax fund.
That, in no case shall the repayment of the amount loaned plus related debt servi
payments take place after the termination date of the Sales Tax.
That the City covenants that it will not take any action that would adversely affect the ta
exempt status of SANDAG’s Commercial Paper Notes and that it will not refinance t
loan with tax-exempt debt without SANDAG’s approval.
That SANDAG and the City may review the terms of this agreement should a
made by SANDAG to the city on a reimbursement basis following receipt of a payml
2.
3.
4.
5.
6.
7.
8.
2
* 0 ..
subsequent amendments to the Ordinance modifying the financing provisions of Propositioi
A be adopted.
That this agreement complies with the provisions of Commission Policy #2 and thc
Ordinance and will be carried out in accordance therewith.
9.
IN WITNESS THEREOF, the authorized representatives of both parties havr executed this agreement effective the date specified above.
SAN DIEGO ASSOCIATION OF GOVERNMENTS
ACTING AS THE SAN DIEGO COUNTY REGIONAL
TRANSPORTATION COMMISSION
KENNETH E. SULZER
Executive Director
APPROVED AS TO SUFFICIENCY OF FORM AND LEGALITY:
DEBRA A. GREENFIELD
SANDAG General Counsel
-, CLAUDE LEWIS
Mayor, City of Carlsbad
APP VED AS TO FORM:
i, ,./g3@lm/J\
$"INCENT BIONDO JR. -/ n/
City Attorney, City of Carlsbac
3