24-1240
Consideration of Resolutions Authorizing Revenue Stabilization Transfer to the Water and Wastewater Concession Agreement Trust Accounts. RECOMMENDATION: It is recommended that the City Council and Rialto Utility Authority Board: 1. Adopt City Resolution No. 8196 authorizing the transfer of $5.3 million from the City’s Unrestricted General Fund Reserve to the Water Utility Fund Trust Account for the purpose of rate stabilization and $1.5 million from the Rialto Utility Authority’s Wastewater Reserve Fund to the Wastewater Utility Fund’s Trust Account for debt service coverage; 2. Adopt RUA Resolution No. 08-30 authorizing the transfer of $5.3 million from the City’s Unrestricted General Fund Reserve to the Water Utility Fund Trust Account for the purpose of rate stabilization and $1.5 million from the Rialto Utility Authority’s Wastewater Reserve Fund to the Wastewater Utility Fund’s Trust Account for debt service coverage; 3. Structure the General Fund Reserve transfer to the Water Utility Fund Trust Account as a loan with a term of 10 years; 4. Structure the interest rate on the General Fund Reserve transfer to the Water Utility Fund Trust Account loan equivalent to the rate of return earned by the City on funds invested in the Local Agency Investment Fund; and 5. Authorize the City Manager to execute all documents.
- Committee
- City Council
- Introduced
- March 12, 2024
- On agenda
- March 26, 2024