HomeMy WebLinkAboutR-11450 appropriate $47 Million in Bond Proceeds to the Cultural Arts District Parking Structure (CADPS) Project Account (Spec. No. 90435)R 11450
RESOLUTION NO. 11450 (2023 SERIES)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN LUIS
OBISPO, CALIFORNIA, TO APPROPRIATE $47 MILLION IN BOND
PROCEEDS TO THE CULTURAL ARTS DISTRICT PARKING
STRUCTURE PROJECT ACCOUNT
WHEREAS, on June 7, 2022, the City Council approved and appropriated the
2022-23 Supplemental Budget, including operating expenditures, debt service, and
capital improvement plan budget; and
WHEREAS, the City received updated cost estimates in 2022 for the Cultural Arts
District Parking Structure reflecting an increase in construction costs reflective of recent
market construction cost escalation; and
WHEREAS, on June 6, 2023, the City Council approved Resolution 11429
approving the fiscal year 2023-2024 budget; and
WHEREAS, on August 15, 2023 the City Council adopted Resolution 11442
authorizing the execution and delivery by the City of ground lease, a lease agreement, an
indenture, a bond purchase agreement and a continuing disclosure certificate in
connection with the issuance of San Luis Obispo Public Financing Authority lease
revenue bonds for the purposes of constructing the Cultural Arts District Parking
Structure; and
WHEREAS, staff has been able to meet City Council’s parameters including
securing an interest rate of less than 5.25% and obtaining an underwriter’s discount not
to exceed 0.4%; and
WHEREAS, the City will be utilizing bond proceeds to build Phase 2 of the Cultural
Arts District Parking Structure and needs to appropriate the expenditure budget from the
fund balance.
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of San Luis
Obispo as follows:
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Resolution No. 11450 (2023 Series) Page 2
R 11450
SECTION 1. The 2023-24 budget is hereby amended to appropriate $47,000,000
in bond proceeds to the Cultural Arts District Parking Structure CIP budget.
Upon motion of Mayor Stewart, seconded by Council Member Shoresman, and on
the following roll call vote:
AYES: Council Member Francis, Pease, Shoresman, Vice Mayor Marx, and
Mayor Stewart
NOES: None
ABSENT: None
The foregoing resolution was adopted this 19th day of September 2023.
___________________________
Mayor Erica A. Stewart
ATTEST:
________________________
Teresa Purrington
City Clerk
APPROVED AS TO FORM:
________________________
J. Christine Dietrick
City Attorney
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the
City of San Luis Obispo, California, on ______________________.
___________________________
Teresa Purrington
City Clerk
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9/28/2023 | 12:34 PM PDT