CC Resolution No. 19-138 Authorizing City Manager Approve Inter-Fund Loan Agreement from General Fund to Capital Improvement Program Capital Projects Fund Amount $3,000,000 Library Expansion Project Amendment Fiscal Budget RESOLUTION NO. 19-138
A RESOLUTION OF THE CUPERTINO CITY COUNCIL AUTHORIZING THE
CITY MANAGER TO APPROVE AN INTER-FUND LOAN AGREEMENT FROM
THE GENERAL FUND TO THE CAPITAL IMPROVEMENT PROGRAM CAPITAL
PROJECTS FUND IN THE AMOUNT OF $3,000,000 FOR THE LIBRARY
EXPANSION PROJECT AND AMENDMENT TO THE FISCAL YEAR 2019-20
BUDGET
WHEREAS, Inter-Fund loans may be utilized for specific purposes such as
financing capital improvements related to any phase from project development through
delivery. Such improvements shall have been approved by the City Council through
approval of the fiscal budget or other Council action; and
WHEREAS, Inter-Fund loans are not permitted without an identified repayment
source. The borrowing fund must anticipate sufficient revenues to be in a position over
the period of the loan to make the specified principal and interest payments as applicable;
and
WHEREAS, Inter-Fund loan approvals will be executed for all loans, short-term
or long-term; and
WHEREAS, all Inter-Fund loans will be repaid over a specific period,not to exceed
three (3)years; and
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WHEREAS, the Library Expansion Project was approved by City Council in the
amount of$5,000,000 as part of the Fiscal Year 2019-20 Adopted Budget on June 18, 2019;
and
WHEREAS, an additional amount of$352,719 in each of Fiscal Years 2019-20 and
2020-21 will be allocated to fund the Library Expansion Project; and
WHEREAS, the General Fund will advance the $3,000,000 additional cost of the
Library Expansion Project to the Capital Improvement Program Capital Projects Fund for
a period not to exceed three (3) years; and
WHEREAS, the Capital Improvement Program Capital Projects Fund has
identified anticipated revenues from future development in the City to serve as a funding
source for repayment by the end of the term; and
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Resolution No. 19-138
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WHEREAS, the Fiscal Year 2019-20 Budget shall be amended to reflect the
$3,000,000 increase in the Capital Improvements Program Capital Projects Fund for the
Library Expansion Project; and
WHEREAS,the Fiscal Year 2019-20 Budget shall be amended to reflect the$352,719
appropriations increase in the Capital Improvements Program Capital Projects Fund for
the Library Expansion Project; and G
NOW, THEREFORE, BE IT RESOLVED that the City Council does hereby
1. Approve the Inter-Fund Loan Agreement between the General Fund and the
Capital Improvement Program Capital Projects Fund in the amount of
$3,000,000, for the Library Expansion Project, and for a period not to exceed
three (3) years.
2. Amend the Fiscal Year 2019-20 Budget to reflect the $3,000,000 appropriations
increase in the Capital Improvement Program Capital Projects Fund for the
Library Expansion Project.
3. Amend the Fiscal Year 2019-20 Budget to reflect the $352,719 appropriations
increase in the Capital Improvement Program Capital Projects Fund for the
Library Expansion Project.
PASSED AND ADOPTED at a regular meeting of the City Council of the City of
Cupertino this 19th day of November 2019,by the following vote:
Vote Members of the City Council
AYES: Scharf, Chao, Paul, Willey
NOES: None
ABSENT: Sinks
ABSTAIN: None
SIGN : +G,
Steven Scharf,Mayor Date
City of Cupertino
ATTEST:
Grace Schmidt, City Clerk Date