HomeMy WebLinkAboutReso 155-98 Freeway Interch Fee RESOLUTION NO, 155 - 98
A RESOLUTION OF THE CITY OF DUBLIN
RESOLUTION AMENDING FREEWAY INTERCHANGE FEE
AS ADOPTED BY RESOLUTION NO. 11-96
WHEREAS, on January 23, 1996, the City Council adopted Resolution No. 11-96, establishing a
"Freeway Interchange Fee" for future developments with the Eastern Dublin Area; and
WHEREAS, the purpose of the Freeway Interchange Fee ("Fee") is to reimburse the City of
Pleasanton for expenditures previously made for the 1-580 Interchange Improvements identified in
Resolution No. 11-96 (see Finding A of Resolution No. 11-96); and
WHEREAS, Resolution No. 11-96 does not provide for an automatic annual increase in the
amount of the Fee; and
WHEREAS, the City of Pleasanton has proposed that the Fee be amended to include an automatic
escalator so that the amount of Fee revenues it receives as reimbursement will take into account the fact
that repayment will be with less valuabl? dollars over time; and
WHEREAS, the City Council desires to amend the Fee to increase the Fee by an automatic
escalator; and
· WHEREAS, the purpose of this reSolution is to amend the Fee so that it increases automatically on
an 'annual basis in an amount equal to the average annual Local Agency Investment Fund interest earned
by the City on its investment earnings for the preceding fiscal year;
NOW, THERE FORE, the City Council of the City of Dublin does RESOLVE as follows:
1. Automatic Escalator
The amount of the Fee, as shown on Exhibit C to Resolution No. 11-96, shall increase
automatically by an automatic escalator as follows: The automatic escalator shall result in an automatic
increase in the amount of the Fee each September 1 at a rate equivalent to the average annual Local
Agency Investment Fund ("LAIF") interest rate earned by the City of Dublin, as reported by the state
controller, for the preceding fiscal year. The average annual LAIF interest rate (the "LAIF Interest Rate")
shall be calculated by averaging the rates for the four quarters of the fiscal year. For example, if the
quarterly rates are 5.7%, 5.75%, 5.85% and 5.9%, the average annual interest rate will be 5.8%.
The automatic increase in the Fee shall be referred to as the "Escalator Fee" and the
amount of the Fee as established by Resolution No. 11-96 shall be referred to as the "Base Fee".
The first increase in the Fee shall occur on September 1, 1999. The City Manager shall
calculate the increase no later than September 1, 1999 and each year thereafter.
Fee.
The City Manager shall apportion each Fee dollar between the Escalator Fee and the Base
No Other Changes to Fee
Except as provided in paragraph 1 above, there shall be no other changes in the Fee.
3. Effective Date of Automatic Escalator
The automatic escalator described in paragraph 1 above shall be effective 60 days
following the date this resolution is adopted.
AYES: Councilmembers Barnes, Burton, Howard, Lockhart, & Mayor Houston
NOES: None
ABSENT: None
ATTEST:
G/cc-mtgs/98-qtr4/nov/11-3-98/reso-freeway
Mayor