INTERFUND LOAN - Laserfiche WebLink

Browse Search

CONEJO RECREATION AND PARK DISTRICT \NTERFUNDLOAN BETWEEN THE GENERAL FUND AND PARK DEVELOPMENT FEE (PDF) ZONE K/ FOR CONSTRUCTION OFPARK IMPROVEMENTS ON CONEJO CREEK SOUTHWEST This Interfund Loan ("Loan") is executed as of February 4, 2021, between the Conejo Recreation and Park District General Fund ("Lender") and the Conejo Recreation and Park District PDF Zone 4 ("Bornower").Lender agrees tolend toBorrower, and Borrower agrees torepay toLender anamount not toexceed the Principal Amount and interest accrued onthe unpaid loan balance, inaccordance with the following: l. Toprovide funds for Borrower's project —[onstrucdonofPerk Improvements onConejo Creek Southwest. The|oanshaUserve asaclear record that the intent isbzconstruct park improvements using General Fund dollars asaloan toberepaid from the future collection of Park Dedication Fees within Zone IV (See Attached Exhibit for properties within Zone |V). This loan shall account for borrowing between the General Fund and the PDF Zone 4Fund and shall not be available for appropriation orbeconsidered revenue 1othe Borrower. 2. Not toexceed Three Million and no/lOODollars ($3,000,000). The loan will be recorded as receivable to the Lender and payable to the Borrower. 3. The term of1his loan shall begin upon awarding and acceptance ofabid to construct the project and the outstanding loan balance istoberepaid upon receipt of contributions to PDF Zone 4. 4. Borrower shall make payments each fiscal year beginning with the close ofFY2l-22. Such payments are due within thirty (3O)days following the final closing ofthe Borrower's Financial Books for each fiscal year. Payments shall equal the amount of any accrued interest though June 3Oofthat fiscal year plus aprincipal payment equal 1oatleast 5O%ofthe PDF (aka "Quimby") fees paid to CRPD by residential developers within PDF Zone IV during that fiscal year.