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Resolution Related to Streetlight Acquisition and Upgrades Project <br />April 3, 2018 <br />Page 7 <br />include elements such as Wi-Fi in City facilities including recreational/senior centers, <br />PC/server/equipment replacement plan, information security, disaster recovery plan, etc.). <br />ENVIRONMENTAL IMPACT <br />There is no negative environmental impact. Staff anticipates that the operation and ownership of <br />the streetlights by the City will result the following environmental benefits: <br />• Energy efficiency from using LED fixtures <br />• Providing faster street lighting service calls <br />• Improving lighting levels and safety <br />Providing greater street lighting system reliability <br />Reduction of the City's overall carbon footprint <br />FISCAL IMPACT <br />Funding for this agreement and specifically the annual debt service obligation in the amount of <br />$782,550.24 is available from utilities cost savings resulting from the retrofit of the City-wide <br />streetlights to LED lighting. As a result, the existing appropriation for Public Works Agency — <br />Utilities (01117630-62000) in the amount of $2,304,045 will be reduced by the debt service <br />amount noted above. The appropriation for Public Works Agency — Utilities (01117630-62000) <br />after reduction of debt service will be $1,521,494 beginning in FY 2019-20. <br />The total financing agreement amount is $8,608,052.64. Funds for the balance of the lease <br />beginning in fiscal -year 2019-20 thru fiscal year 2029-30, in the amount of $782,550.24 (debt <br />service -annual payment) will be budgeted on an annual basis (FY 2019-20 through FY 2029-30) <br />in the Public Works- Street Light Maintenance Debt Service account (no. 01117630-67004). <br />Siemens Agreement (Lighting and Retrofit Project) <br />Funds in the amount of $2,050,000 have been identified in the Holman Capital Financing <br />Agreement towards this project along with a contingency of five (5) percent. <br />Any additional costs that exceed both the contract and contingency amount noted above <br />specifically costs for evaluation of the various LED fixtures and models is not to exceed $10,300, <br />including a $9,360 project fee and a 10% contingency of $940. Funds in the amount of $10,300 <br />are budgeted and available for expenditure in the Streetlight Maintenance Fund (Account No. <br />01117630-62000). <br />Magellan Advisors (Fiber Optic Project) <br />Funding for this agreement in the amount of $300,000 has been identified in the Holman Capital <br />Financing Agreement. Unused funds allocated for this project will towards reducing the City's <br />future debt service obligation. <br />55A-7 <br />