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AGENDA ITEM REVIEW FORM |
6.A.
Regular City Council Meeting
- Meeting Date:
- 05/11/2022
- Department Head:
- Kay Macuil
- Submitted By:
- Kay Macuil, City Attorney, Attorney's Office
Action Requested:
Motion
ITEM:
Discussion and possible action on any and all matters regarding a Guaranty for Greater Yuma Port Authority ("GYPA") infrastructure loan from Yuma County. (Kay Marion Macuil, City Attorney)
SUMMARY:
On May 4, 2022, the Yuma City Council authorized their City Administrator to execute a guaranty identical to the attached (except, with the City of Yuma as guarantor, not the City of San Luis, of course). The attached guaranty confirms that the City of San Luis will act as a Guarantor for thirty-three percent (33 1/3%) of the loan balance for the Greater Yuma Port Authority Infrastructure loan for Magrino Industrial Park from Yuma County.
RECOMMENDATION / SUGGESTED MOTION:
I MOVE TO AUTHORIZE THE ACTING CITY MANAGER TO TAKE ALL STEPS AND EXECUTE ALL DOCUMENTS RELATING TO THE PROPOSED GUARANTY OF THE YUMA COUNTY LOAN TO GYPA THAT ARE ACCEPTABLE TO THE ACTING CITY MANAGER WITHOUT FURTHER APPROVAL FROM CITY COUNCIL.
Fiscal Impact
- IS THERE FISCAL IMPACT ASSOCIATED WITH THIS ITEM:
- See fiscal impact statement
- CITY/STATE/FEDERAL FUNDS:
- N/A
- TOTAL:
- N/A
- BUDGETED AMOUNT:
- N/A
- AVAILABLE AMOUNT TO TRANSFER:
- N/A
- ACCT NAME & GL#/REMAINING BALANCE BEFORE PURCHASE:
- N/A
FISCAL IMPACT STATEMENT (IF THIS IS A BUDGET TRANSFER, YOU MUST ATTACH THE BUDGET ADJUSTMENT FORM):
On April 4, 2022, No. 22-04, the Yuma County Supervisors approved a budget for an infrastructure loan to Greater Yuma Port Authority ("GYPA") for $1,550,000. If GYPA were to default on the loan, depending upon the amount the GYPA were to owe at that time, the City of San Luis would back thirty-three and one-third percent (33 1/3%) of the debt.