HomeMy WebLinkAboutMINUTES - 08291989 - 1.7 To- BOARD OF SUPERVISORS
FROM J. M. Walford Contra
Director, Public Works Department Cx)sta
DATE: August 27, 1989 WO^
SUBJECT: State Route 4 Interim Project, Westbound Lane Over Willow Pass
SPECIFIC REQUEST(S) OR RECOMMENDATION(.S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATION:
Authorize Public Works Director to arrange for payment of $275, 149.68
from the East/Central Travel Corridor Area of Benefit to Security
Pacific National Bank for the County' s share of the annual base
payment for the State Route 4 Interim Project.
FINANCIAL IMPACT:
The County' s share of this project is $275, 149. 68 for 1989. This
work is funded on the East/Central Travel Corridor Area of Benefit,
(Fund 8191) .
REASONS FOR RECOMMENDATIONS/BACKGROUND:
On May 24, 1988 , the Board of Supervisors executed a Joint Exercise
of Powers Agreement with the cities of Pittsburg and Antioch creating
the Contra Costa Delta Highway Joint Powers Financing Authority. The
Authority was created to issue bonds to finance the State Route 4
Interim Project, which consists of adding a westbound lane over
Willow Pass. On June 7 , 1988, the .County entered into a Payment
Agreement with the cities of Antioch and Pittsburg to share the cost
of repaying the bonds issued by the Authority. The bonds were issued
on August 22, 1988, to be repaid during the next five years. A debt
service payment of $988, 325. 01 is due on September 1, 1989.
The Payment Agreement requires that each participant' s share of the
debt service payment be adjusted annually based on each participant' s
prorata share of housing construction during the year. Based on the
building permit activity for residential construction between June 1,
1988 and May 31, 1989, each jurisdiction' s proportionate share of the
annual debt service payment is as follows:
JMW/slg:hwy4ip.pay
Orig. Dept. : Public Works, Accounting
XX
CONTINUED ON ATTACHMENT: _ YES SIGNATURE:
RECOMMENDATION OF COUNTY 1 ATOR RECOMMENDATION OF BOARD COMMITTEE
APPROVE E
I . Schroder or1a]4�
SIGNATURE(S):
ACTION OF BOARD ON AUG 2 9 Jun APPROVED AS RECOMMENDED OTHER
VOTE OF SUPERVISORS
1 HEREBY CERTIFY THAT THIS IS A TRUE
UNANIMOUS (ABSENT ,Ii �' AND CORRECT COPY OF AN ACTION TAKEN
AYES: NOES. AND ENTERED ON THE MINUTES OF THE BOARD
ABSENT 1Strat
OUrrty $gTA'N: OF SUPERVISORS ON THE DATE SHOWN.
cc:
County Counsel ATTESTED AUG 2 9 1989
Community Development Dept.
City of Antioch PHIL BATCHELOR, CLERK OF THE BOARD OF
City of Pittsburg SUPERVISORS AND COUNTY ADMINISTRATOR
M382/7-83 BY_. .( ,DEPUTY
Board of Supervisors
State Route 4 Interim Project
Page Two
Housing
Jurisdiction Units Percentage Payment
Antioch 1,262 48.720 $481,511 . 95
County 721 27.84% $275,149. 68
Pittsburg 607 23 . 44% $231, 663 . 38
Total 2,590 100. 00% $988,325. 01
The County' s proportionate share of debt service, $275,149.68, will
be paid through fees collected by the East/Central Travel Corridor
Area of Benefit, which was established in 1987 specifically to pay
for this project. The Transportation Committee has approved staff ' s
recommendation.
CONSEQUENCES OF NEGATIVE ACTION
The Payment Agreement discloses that revenues paid by the County or
the cities on behalf of the Authority are subject to annual
appropriations, and that there is no guarantee that the County or the
cities will appropriate such revenues. However, the County and the
cities acknowledged in the Payment Agreement that they fully intend
to make the necessary annual appropriations.
Withholding approval of this recommendation will cause a delay in the
debt service payment and could cause the Authority to default on the
bonds.
Rejecting this recommendation could cause the Authority to default on
the bonds. A default by the Authority would have a short term
adverse impact on the credit rating of the County.