HomeMy WebLinkAboutRESOLUTIONS - 05011990 - 90/267THE BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY, CALIFORNIA
Adopted this Order on MAY 1, 1990 by the following vote:
AYES: Supervisors Schroder, McPeak, Torlakson and Fanden
NOES: None
ABSENT: - Supervisor Powers
ABSTAIN: None RESOLUTION NO.90/267
SUBJECT: APPROVE DEPOSITS BY DRAINAGE AREAS 10, 22 AND DISTRICT TO
THE FLOOD CONTROL REVOLVING FUND AND A LOAN FROM THE
FUND TO DRAINAGE AREA 29D, 30A, AND 52C, COUNTYWIDE.
WHEREAS the following entities have amounts of funds that are temporarily not needed
and are available for deposit into the Flood Control District Revolving Fund:
Drainage Area 10 (2554) 70,000
Drainage Area 22 (2588) 130,000
Flood Control District 280.000
TOTAL: 480,000
WHEREAS the following entity needs a loan in the amount indicated:
Drainage Area 29D (2556) 55,000
Drainage Area 30A (2557) 200,000
Drainage Area 52C (2571) 225,000
TOTAL: 480,000
WHEREAS a Revolving fund loan is required for Drainage Area 29D to refinance existing
debt, for Drainage Area 30A to complete acquisition of Basin No. 1 and to finance a
portion of the outfall storm drain serving said basin, and for Drainage Area 52C to
participate with the City of Brentwood in the construction of the outfall line north of Sunset
Road, and
WHEREAS said loan shall be repaid to the depositing entities within three years from the
date of disbursement from the fund from monies available to said entity through drainage
fees, and the repayments shall include interest on the unpaid balance at 8.75 percent per
annum, which is the current rate received on similar types of investments by Contra Costa
County as determined by the County Treasurer.
NOW THEREFORE BE IT RESOLVED, as the Governing Board of Contra Costa County
Flood Control and Water Conservation District, that said deposits and loan are approved.
MFK:ly I hereby certify that this Is a true and correct copy of
a:boi.t5 an action taken and entered on the minutes of the
Board of Supen the date shown.
ATTESTED: m Y 1 1990
Originator: Public Works (FC) PHIL BATCHELOR,Clerk of the Board
cc: County Administrator of Supervisors and County Administrator
County Counsel
Auditor/Controller aeputy
Public Works Director
P.W. Flood Control
P.W. Accounting
RESOLUTION NO. 90/267