title
Approve the Debt/Liability Paydown Strategy (At the Request of Subcommittee Members Mayor Rahn and Council Member Edwards)
recommendation
That the City Council/Board of Directors:
1. Adopt the Amended Budget and Fiscal Policies to include the Debt/Liability Paydown Strategy Policy; and
2. Adopt a resolution entitled:
RESOLUTION NO.
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF TEMECULA AUTHORIZING THE PREPAYMENT OF FINANCING LEASE AGREEMENTS ENTERED INTO BY THE CITY OF TEMECULA IN 2011 AND 2018 RELATING TO THE FINANCING AND REFINANCING OF CAPITAL PROJECTS FOR THE CITY AND AUTHORIZING AND DIRECTING CERTAIN ACTIONS WITH RESPECT THERETO
3. Adopt a resolution entitled:
RESOLUTION TPFA NO.
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE TEMECULA PUBLIC FINANCING AUTHORITY APPROVING THE PREPAYMENT OF FINANCING LEASE AGREEMENTS ENTERED INTO BY THE CITY OF TEMECULA IN 2011 AND 2018 RELATING TO THE FINANCING AND REFINANCING OF CAPITAL PROJECTS FOR THE CITY AND AUTHORIZING AND DIRECTING CERTAIN ACTIONS WITH RESPECT THERETO
4. Adopt a resolution entitled:
RESOLUTION NO.
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF TEMECULA, AUTHORIZING THE TRANSFER OF $5,000,000 FROM THE CITY’S PENSION RATE STABILIZATION TRUST TO MAKE AN ADDITIONAL DISCRETIONARY PAYMENT TO CALIFORNIA PUBLIC EMPLOYEES’ RETIREMENT SYSTEM
5. Appropriate $19,913,606 in Available General Fund Balance to pay off the Civic Center Loan ($12,624,607), the Margarita Recreation Center Loan ($5,038,999) and pay an Additional Discretionary Payment to CalPERS for the City’s Unfunded Liability ($2,250,000); and
6. Appropriate $5,000,000 in Available Pension Trust Funds to pay an Additional Discretionary Payment to CalPERS for the City’s Unfunded Liability.