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1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />RESOLUTION NO. R-60-15 <br />RESOLUTION OF THE CITY COUNCIL OF <br />THE CITY OF COLTON, CALIFORNIA, <br />AUTHORIZING THE RESTATEMENT OF THE <br />$4,991,938 COLTON UTILITY AUTHORITY <br />LEASE PAYMENT. <br />WHEREAS, the Colton Utility Authority (CUA) was established in May 2000; and <br />WHEREAS, the City entered into a lease agreement with the CUA in September 2000 <br />for the operation of the Water and Wastewater systems; and <br />WHEREAS, in fiscal year 2013, the City Council approved a prepayment of the CUA <br />annual lease in the amount of $4,991,938 utilizing surplus revenues of the Wastewater fund; and <br />WHEREAS, based upon the value of the assets and infrastructure of the Water and <br />Wastewater systems and discount rate as established in the CUA lease agreement, the City desires <br />to restate the payment. <br />NOW, THEREFORE, THE CITY COUNCIL DOES HEREBY RESOLVE, <br />DETERMINE AND ORDER AS FOLLOWS: <br />SECTION 1. The $4,991,938 lease payment is to be reclassified as a catchup payment <br />for interest accrued over the prior years of the lease, as detailed in this report. <br />SECTION 2. The reclassification is hereby approved, adopted and incorporated herein. <br />PASSED, APPROVED AND ADOPTED this 2nd day of June, 2015. <br />ATTEST: <br />Carolina R. Padilla, City Clerk <br />Richard A. DeLaRosa, Mayor <br />