HomeMy WebLinkAboutAgenda Report - August 5, 1998 (66)COUNCILCITY OF LODI • •
9</FORCE
AGENDA TITLE: Measure K Loan for Highway 12 - Kettleman Lane/Highway 99 Interchange
Improvements Project
MEETING DATE: August 5, 1998
PREPARED BY: Public Works Director
RECOMMENDED ACTION: That the City Council adopt the attached resolution approving the City's
commitment to San Joaquin County Council of Governments (COG)
securing a Measure K loan for construction of Highway 12 -
Kettleman Lane/Highway 99 interchange improvements using future
Measure K allocations as collateral and authorizing the City Manager to execute COG's loan agreement.
BACKGROUND INFORMATION: City Council approved the contract award for the above project on
June 17, 1998. The City has requested a Measure K loan from
COG for $840,000 using future Measure K allocations as collateral.
Annual payments will be approximately $105,000. The City will
make payments on the loan for ten years using Regional Impact Fees as development occurs. Should
fee revenues be insufficient, our Measure K maintenance funds would make up the difference.
However, this is unlikely as street fee revenue has exceeded $290,000 annually in the past few years.
In October 1997, COG developed a Commercial Paper Program to accommodate similar loan requests.
Interest will be assessed that covers COG's borrowing costs and a small administrative fee. The actual
amount will be determined at the time of signing the loan documents but should be around 4%.
COG's Technical Advisory Committee approved the City's loan request. COG's Board will review the
loan request on August 27, 1998.
FUNDING: In addition to the loan, funding for construction of this project will be from the following
sources: California Transportation Improvement Program, Measure K funds, State/Local
Transportation Partnership Program, and local funds. The local funds will primarily be
funds from Street and Utility Imp )9W
ounts.
Public Works Director
Prepared by Paula J. Fernandez, Associate Traffic Engineer
RCPIPJF/Im
attachment
cc: City Attorney
Finance Director
Revenue Manager
Associate Traffic Engineer
APPROVED:
Dixon Flynn -- City M nager
CMSRKLOAN.DOC 07/28!98
RESOLUTION NO. 98-120
A RESOLUTION OF THE LODI CITY COUNCIL APPROVING THE CITY
OF LODI'S COMMITMENT TO SAN JOAQUIN COUNTY COUNCIL OF
GOVERNMENTS (COG) SECURING A MEASURE K LOAN FOR
CONSTRUCTION OF HIGHWAY 12/KETTLEMAN LANE/HIGHWAY 99
INTERCHANGE IMPROVEMENTS USING FUTURE MEASURE K
ALLOCATIONS AS COLLATERAL AND AUTHORIZING THE CITY
MANAGER TO EXECUTE COG'S LOAN AGREEMENT
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WHEREAS, on June 17, 1998 the City Council approved the contract award for the
Highway 121Kettleman Lane/Highway 99 Interchange Improvement Project; and
WHEREAS, the City has requested a Measure K loan from the San Joaquin Council of
Governments for $840,000 using future Measure K allocations as collateral; and
WHEREAS, annual payments will be approximately $105,000 for ten years using
Regional Impact Fees as development occurs; and
WHEREAS, should fee revenues be insufficient, the City's Measure K maintenance
funds would make up the difference; and
WHEREAS, in October 1997, COG developed a Commercial Paper Program to
accommodate similar loan requests, in which interest will be assessed that covers COG's
borrowing costs and a small administrative fee; and
WHEREAS, COG's Technical Advisory Committee has approved the City's loan request
and COG's Board will review the loan request on August 27, 1998.
BE IT RESOLVED, that the City Council of the City of Lodi does hereby approve the
City of Lodi's commitment to the San Joaquin Council of Governments securing a Measure K
Loan for construction of Highway 12/Kettleman Lane/Highway 99 Interchange Improvements
using future Measure K allocations as collateral and authorizing the City Manager to execute
COG's loan agreement.
Dated: August 5, 1998
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I hereby certify that Resolution No. 98-120 was passed and adopted by the City Council
of the City of Lodi in a regular meeting held August 5, 1998, by the following vote:
AYES: COUNCIL MEMBERS - Johnson, Land, Mann, Pennino and Sieglock
(Mayor)
NOES: COUNCIL MEMBERS - None
ABSENT: COUNCIL MEMBERS - None
ABSTAIN: COUNCIL MEMBERS - None
ALICE M. REIMCHE
City Clerk
98-120