City Council

TAB1 24-1240 Consideration of Resolutions Authorizing Revenue Stabilization Transfer\nto the Water and Wastewater Concession Agreement Trust Accounts.\nRECOMMENDATION:\nIt is recommended that the City Council and Rialto Utility Authority\nBoard:\n1. Adopt City Resolution No. 8196 authorizing the transfer of $5.3\nmillion from the City’s Unrestricted General Fund Reserve to the\nWater Utility Fund Trust Account for the purpose of rate\nstabilization and $1.5 million from the Rialto Utility Authority’s\nWastewater Reserve Fund to the Wastewater Utility Fund’s Trust\nAccount for debt service coverage;\n2. Adopt RUA Resolution No. 08-30 authorizing the transfer of $5.3\nmillion from the City’s Unrestricted General Fund Reserve to the\nWater Utility Fund Trust Account for the purpose of rate\nstabilization and $1.5 million from the Rialto Utility Authority’s\nWastewater Reserve Fund to the Wastewater Utility Fund’s Trust\nAccount for debt service coverage;\n3. Structure the General Fund Reserve transfer to the Water Utility\nFund Trust Account as a loan with a term of 10 years;\n4. Structure the interest rate on the General Fund Reserve transfer\nto the Water Utility Fund Trust Account loan equivalent to the rate\nof return earned by the City on funds invested in the Local\nAgency Investment Fund; and\n5. Authorize the City Manager to execute all documents.