CC Resolution No. 10-114 Outside Financing for Payments Made on the Energy Savings Performance Contract RESOLUTION NO. 10 -114
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF CUPERTINO INTENDING TO USE POSSIBLE OUTSIDE FINANCING TO
REIMBURSE CITY RESERVES FOR PAYMENTS MADE ON THE ENERGY
SAVINGS PERFORMANCE CONTRACT WITH SIEMENS BUILDING
TECHNOLOGIES
WHEREAS, the City of Cupertino awarded an energy savings performance contract to
Siemens Building Technologies on April 20, 2010; and
WHEREAS, the City will pay the contract out of grant funds and City fund reserves; and
WHEREAS, the City may consider obtaining outside financing in the future to reimburse all
or part of the reserves used to pay for this contract.
NOW, THEREFORE, BE IT RESOLVED that if the City does indeed obtain outside
financing, it intends to use the financing proceeds to reimburse all or part of the City reserves
used to pay the energy savings performance contract with Siemens Building Technologies.
PASSED AND ADOPTED at a regular adjourned meeting of the City Council of the City of
Cupertino this 9th day of June, 2010 by the following vote:
Vote Members of the City Council
AYES: Wang, Wong, Chang, Mahoney, Santoro
NOES: None
ABSENT: None
ABSTAIN: None
ATTEST: APPROVED:
City Clerk / May , City of Cupertin•