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10/22/2012 <br /> ORIGINAL <br /> RESOLUTION NO. 15224 <br /> INTER-FUND LOAN AGREEMENT AND APPROPRIATION <br /> (Smart Meters Financing) <br /> RESOLUTION ESTABLISHING LOAN AGREEMENT AND TRANSFER <br /> OF THE SUM OF $3,000,000 FROM THE REDWOOD CITY <br /> EQUIPMENT SERVICE FUND TO THE REDWOOD CITY WATER <br /> ENTERPRISE FUND AND APPROPRIATING $3,000,000 FOR THE <br /> PURCHASE OF SMART WATER METERS <br /> WHEREAS, the City desires to purchase Smart Meters ("Smart Meters") for the <br /> purchase price of$3,000,000 for use by the Water Meter Enterprise Fund; and <br /> WHEREAS, pursuant to Redwood City Municipal Code section 38.20, a special <br /> fund known as the Water Enterprise Fund has been established, and <br /> WHEREAS, there is a need for funds in the sum of $3,000,000 in order to cover <br /> the funds needed to acquire the smart meters; and <br /> WHEREAS, pursuant to Redwood City Municipal Code section 2.36, a special <br /> fund known as the Equipment Service Fund has been established; and <br /> WHEREAS, the Equipment Service Fund has sufficient funds to loan the sum of <br /> Three Million and No/100 ($3,000,000) to the Water Enterprise Fund for a period of up <br /> to ten (10) years; <br /> NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF <br /> REDWOOD CITY, AS FOLLOWS: <br /> 1. The sum of Three Million and No/100 ($3,000,000) from the current Redwood <br /> City Equipment Service Fund is hereby ordered transferred to the Redwood <br /> City Water Enterprise Fund, as a loan for the above described purpose in <br /> accordance with the following terms: <br /> a. Said loan shall be for a term of ten (10) years, commencing <br /> January 1, 2013 and expiring December 31, 2022; <br /> b. Interest shall be calculated and paid annually on the outstanding <br /> balance of said loan calculated on the most recent quarterly interest <br /> rate published by the State of California Treasurer's Local Agency <br /> Investment Fund (LAIF) as of December 31 of each year. <br /> ATTY/RES0.2791/MEMORIALIZING THE INTERFUND LOAN AGR RESO.#15224 <br /> AND APPROPRIATION OF FUND MUFF#304 <br /> REV:09-28-12 PT <br /> Page 1 of 2 <br />