HomeMy WebLinkAboutRESOLUTIONS - 09102004 - 71-481 ...........
IN THE BOARD OF SUPERVISORS
OF
CONTRA COSTA COUNTY, STATE OF CALIFORNIA
In the Matter of Charging of
Interest Expense for the RESOLUTION NO . 71/481
Borrowing of Money by the
County Treasury.
WMEAS the March 4, 1958 resolution of the Board of
Supervisors declaring it to be County policy to make advances of
current operating requirements to subsidiary political subdivisions ,
adopted the Alternate Procedure for Temporary Borrowing as author-
ized by California Government Code Sections 53840-53844, and
WHEREAS in accordance with California Government Code
Section 53844, the County General Fund and School Districts
General Funds share in the interest earned by general county
treasury Investments ;
NOW, THEREFORE, BE IT BY THIS BOARD RESOLVED that
whenever the county treasury borrows money required for current
operations , the associated interest expense shall be shared by
those funds which by law may receive interest income from county
treasury general investments in proportion to their deficit bal-
ances during the period of the borrowing, as determined by the
County Auditor-Controller.
PASSED AND ADOPTED this 27th day of July, 1971 by the
following vote of the Board:
AYES: Supervisors A. M. Dias, J. E. Moriarty,
W. N. Boggess , E. A. Linscheid, J. P. Kenny.
NOES. None.
ABSENT: None .
RESOLUTION NO . 71/481