HomeMy WebLinkAboutR-11077 accepting the California Infrastructure & Economic Development Bank Good Faith Estimate (IBank)RESOLUTION N0.11077 (2020 SERIES)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN LUIS
OBISPO, CALIFORNIA, ACCEPTING THE CALIFORNIA
INFRASTRUCTURE AND ECONOMIC DEVELOPMENT BANK GOOD
FAITH ESTIMATE
WHEREAS, on January 1, 2018 Government Code Section 5852 .l became effective; and
WHEREAS, Government Code Section 5852.1 requires the following good faith estimates
obtained from an underwriter, financial advisor, or private lender, be disclosed at a public meeting
before the governing body of a local government entity for the issuance of debt with a term greater
than 13 months: (1) the true interest cost of the loan; (2) any finance charges; (3) the amount of
proceeds received; and (4) the total payment amount; and
WHEREAS, the City has applied for a loan from the California Infrastructure and
Economic Development Bank (I Bank) to fund the Water Energy Efficiency Project at the Water
Treatment Plant; and
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of San Luis Obispo
as follows that:
R 11077
Resolution No. 11077 (2020 Series) Page 2
SECTION 1. The City Council hereby receives the following good faith estimate, as of
December 2019, from I Bank.
a) The true interest cost of the loan is $3,807,745.48;
b) There is a 0.3 percent annual fee totaling $485,529.46 over the term of the loan;
c) The loan proceeds are $14,300,000; and
d) The total payment amounts are $18,593,274.94.
Upon motion of Council Member Pease, seconded by Council Member Christianson, and
on the following roll call vote:
AYES:
NOES:
Council Member Christianson, Pease, Stewart and Vice Mayor Gomez
None
ABSENT: Mayor Harmon
The foregoing resolution was adopted this 21st day of January 2020.
ATTEST:
(j~~ -
Teresa PurringtoJv+
City Clerk
IN WITNESS WHEREOF I have hereunto
of San Luis Obi po, California, this Z&'T»-
et my hand and affixed the official seal of the City
day of l3(Ll/\t..1. Q,..,l[~t , 2020.
(3~
Teresa Purrington
City Clerk
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