HomeMy WebLinkAboutCC Res 7739 2026-2-23 RESOLUTION 7739
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A RESOLUTION OF THE SEAL BEACH CITY COUNCIL
APPROVING THE PAYOFF OF ORANGE COUNTY
TRANSPORTATION AUTHORITY REIMBURSEMENT
AGREEMENT NO. U-2017-151087
WHEREAS, on October 18, 2017, the West Orange County Water Board (WOCWB), a
Joint Powers Authority comprised of the Cities of Huntington Beach, Westminster, Garden
Grove, and Seal Beach, entered into Orange County Transportation Authority (OCTA)
Reimbursement Agreement No. U-2017-151087 to finance the relocation of a 33-inch
waterline in connection with the Interstate 405 (1-405) widening project (Loan); and,
WHEREAS, the original principal amount of the Loan was $6,258,240, of which the City
of Seal Beach's (City) proportionate share was $894,928.32; and,
WHEREAS, the final scheduled Loan payment is March 1, 2028; and,
WHEREAS, it is in the best interest of the City to pay off its remaining proportionate
balance of$191,899.17 in advance in order to reduce future interest costs.
NOW, THEREFORE, the Seal Beach City Council does resolve, declare, determine, and
order as follows:
Section 1. The City Council hereby approves and authorizes the early payoff of the
City's proportionate share under OCTA Reimbursement Agreement No. U-
2017-151087 in the amount of $191,899.17, with a payoff date of March 1,
2026.
Section 2. The City Clerk shall certify the passage and adoption of this resolution.
PASSED, APPROVED and ADOPTED by the Seal Beach City Council at a regular
meeting held on the 23rd day of February 2026 by the following vote:
AYES: Council Members Kalmick, Wong, Senecal, Steele, Landau
NOES: Council Members
ABSENT: Council Members
ABSTAIN: Council Members
Lisa La u, M or
ATTEST:
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loria D. Harper, City Clerk 9.,00 =moo=
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STATE OF CALIFORNIA }
COUNTY OF ORANGE } SS
CITY OF SEAL BEACH }
I, Gloria D. Harper, City Clerk of the City of Seal Beach, do hereby certify that the
foregoing resolution is the original copy of Resolution 7739 on file in the office of the City
Clerk, passed, approved, and adopted by the City Council at a regular meeting held on
the rd day of February 2026.
loria D. Har , City Clerk