HomeMy WebLinkAboutMINUTES - 01131987 - 1.51 TO: BOARD OF SUPERVISORS
FROM: J. MICHAEL WALFORD, CHIEF ENGINEER
DATE: January 13, 1986
SUBJECT: Refinancing of Outstanding Loans Due the Flood Control District
Revolving Fund
Specific Requests or Recommendations & Background & Justification
RECOMMENDED ACTION:
As the Governing Board of Contra Costa County Flood Control and Water Conservation District,
APPROVE the refinancing of the following outstanding loans due the Flood Control District
Revolving Fund:
Previous New Term
Enjty Amount Interest Rate Interest Rate Length
Drainage Area 13, Alamo $200,000 11.75% 6.61% 4 Yr.
Drainage Area 30C, Brentwood $280,000 11.80% 6.61% 4 Yr.
Drainage Area 48D, West Pittsburg $194,000 10.30% 6.61% 4 Yr.
FINANCIAL IMPACT:
The reduced interest rates will reduce the amount of interest paid to the District Revolving
Fund and will reduce the interest expense to the drainage areas.
REASONS FOR RECOMMENDATION/BACKGROUND:
The above loans were made several years ago when the prevailing interest rates were much
higher. The new rates are consistent with current interest rates for similar type loans.,
CONSEQUENCES OF NEGATIVE ACTION:
The above drainage areas will continue to pay the higher interest
Continued on attachment: yes Signature:
Recommendation of County Administrator ecommen at on Boarrd rittee
Approve Other:
Signature(s) :
Action of Board on: JAN 13 1987 Approved as Recommended Other
Vote of Supervisors I HEREBY CERTIFY, THAT_THIS ISA TRUE
/ AND CORRECT COPY OF AN ACTION TAKEN
v Unanimous (Absent ) AND ENTERED IN THE MINUTES OF THE
Ayes: Noes: BOARD OF SUPERVISORS ON .DATE SHOWN,
Absent: Abstain:
Attested JAN 13 19€37
.Or-,ig. Div. : Public Works Dept; Phi Batchelor
cc: County Administrator Clerk of the .Board of
County Counsel Supervisors and County
Auditor/Controller Administrator
Public Works Dept. :
Accounting
Flood Control Eng.
By , \DEPUTY
MFK:md
23.t12