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HomeMy WebLinkAboutMINUTES - 07281998 - C141 . Rev. Contra TO: BOARD OF SUPERVISORS Costa ' County FROM: Dennis M. Barry, ACCP Community Development Director ©ATE: July 28, 1998 SUBJECT: Establish an Interest Bearing Special Revenue Fund to Account for County Private Activity Bond Fees and Administrative Costs SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S)& BACKGROUND AND JUSTIFICATION RECOMMENQATIONS AUTHORIZE the transfer of special revenue maintained in trust account 810900-0830, Scab-Amts 018-108.008, 010, 011, and 012 to a new Special Revenue Fund; and AUTHORIZE future Private Activity Bond fees and residual assets revenue to be deposited in the new Special Revenue Fund. FISCAL I�'�T The fund is intended to provide a source for reimbursement of administrative costs of the Community Development Department. Reimbursement for Community Development Department administrative costs shall be limited to interest earnings from the new Special Revenue Fund, The principal amount of the new Special Revenue Fund may only be used for housing, community development, and economic development purposes provided for In Part 5 of Division 31 of the California Health& Safety Code. FQR REQ0MM9NQAjIQNS Through its private activity finance activities, (single family mortgage bonds, Mortgage Credit Certificates, multi-family bonds, and Industrial development bonds), the Cornmu Development CONTINUED ON ATTACHMENT: XX YES SIGNATURE: RECOMMENDATION Of COUNTY ADMINISTRATOR R COMMEN ION Of BOARD COMMITTEE �APPROVE OTHER } SIGNATURE(S): ACTION OF BOARD ON n��1u 28, 1998 APPROVED AS RECOMMENDED�,; OTHER VOTE OF SUPERVISORS I HEREBY CERTIFY THAT THIS IS A x UNANIMOUS (ABSENT 2 2 4 1 TRUE AND CORRECT COPY OF AN AYES: NOES: ACTION TAKEN AND ENTERED ON THE ABSENT: ABSTAIN: MINUTES OF THE BOARD OF SUPERVISORS ON THE DATE SHOWN. Source: Jim Kennedy 335-1285 cc: Community Development ATTESTED July 2$;,,,,,199$ County Administrator PHIL BATCHELOR, CLERK OF County Counsel THE BOARD OF SUPERVISORS Redevelopment Agency AND COUNTY ADMINISTRA► OR Auditor--Controller P BY DEPUTY JK:lh 0798/reWund,bos Department has accrued revenues (fees, residual assets, etc.) for administrative costs and for purposes set forth In Part 5 of Division 31 of the California Health&Safety Code(generally housing, community development, and economic development purposes). Establishing d Special revenue Fund for the deposit of these revenues will allow the interest earnings to be available for administrative costs for Community Development, while preserving the principal for the specific uses permitted by the Health& Safety Code. QQNgiEQU.ENCES OE NEGATIVE ACTI.QN. Costs of services of the Community Development Department will require other resources.