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6.3.A. - Page 2 <br /> net working capital. After deducting $3 million from this amount the ESF still has <br /> sufficient funds for vehicle acquisition for at least the next five years. In the event of a <br /> need to purchase an expensive vehicle arises and the ESF has insufficient funding, staff <br /> will explore other methods of finance including borrowing the needed funds from <br /> another city fund. <br /> Staff recommends repayment of the loan over a ten year period. Annual interest would <br /> be calculated on the outstanding balance of the loan based on the most recent quarterly <br /> interest rate published by the State of California's Treasurer's Local Agency Investment <br /> Fund. Interest payments would be calculated and paid along with principal payments of <br /> $300,000 each year on December 31 st. <br /> Staff also recommends that an appropriation in the amount of $3 million be established <br /> in the WEF for the acquisition of these meters. <br /> ALTERNATIVES <br /> Not approving this inter-fund loan transfer would prevent the AMI program from <br /> proceeding and the City would forfeit the savings this program could provide for the City <br /> in water usage and operation and maintenance costs. <br /> FISCAL IMPACT <br /> The repayment of this loan will come from the WEF. The loan will be paid off by <br /> December 31, 2023. <br /> ENVIRONMENTAL REVIEW <br /> This project is exempt from the provisions of the California Environmental Quality Act <br /> (CEQA). <br /> 1 <br /> r���f� r��� - <br /> � - �r� <br /> TERENCE KYAW <br /> ASSISTANT PUBLIC WORKS DIRECTOR <br /> G�� <br /> BILL EKERN <br /> DIRECTOR OF COMMUNITY DEVELOPMENT <br /> �� <br /> ROBERT B. BELL <br /> CITY MANAGER <br /> ATTACHMENT <br /> Resolution Memorializing the Interfund Loan Agreement and Appropriation of Funds <br />