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File Number: 11 -387 <br />Staff recommends City Council approval of the resolution authorizing an inter -fund loan from <br />the Water Pollution Control Plant Fund to the General Fund and appropriation of $6,000,000 <br />to pay -down the CalPERS Public Safety Side Fund with an adjustable interest rate loan, with <br />an initial rate of 3 %. <br />Committee Review and Actions <br />• The October 21, 2011 Finance Committee highlights were submitted and approved on <br />November 7, 2011 by City Council, directing an inter -fund loan and authorizing the <br />expenditure of $6,000,000 to pay -down the CalPERS Public Safety Side Fund obligation. <br />• On December 2, 2011 Finance Committee recommended that staff take the resolution <br />authorizing an inter -fund loan from the Water Pollution Control Plant to City Council for <br />approval. <br />Fiscal Impacts <br />The City's actuary and underwriter have estimated that the City's pension obligation bonds, <br />together with the Water Pollution Control Plant Fund loan, will save the General Fund <br />between $250,000 and $500,000 annually. <br />Budget Authority <br />Loan principal and interest will be paid from the General Fund to the Water Pollution Control <br />Plant Fund. A budget will be established in 2012 -13 for the initial debt service payment. <br />ATTACHMENTS <br />None. <br />PREPARED BY: James H. O'Leary, Interim Finance Director, Finance Department <br />City of San Leandro Page 3 Printed on 12/13/2011 <br />