HomeMy WebLinkAboutMINUTES - 10061987 - 1.3 � .3
TO: BOARD OF SUPERVISORS
FROM: J. MICHAEL WALFORD, PUBLIC WORKS DIRECTOR
DATE: October 6, 1987
SUBJECT: Authorize Public Works Director to Borrow Funds from
Public Works Trust Account Nos . 8193 and 8195.
Specific Request .( s ) or Recommendation ( s ) & Background &
Justification
I . RECOMMENDATION
Authorize the Public Works Director to arrange loans of $100, 000
from the West Pittsburg Area of Benefit Trust Account No . 8195
and $50 , 000 from the Oakley Area of Benefit Trust Account No .
8193 to the East Central County Travel Corridor Trust Account No .
8189 . The loan funds will be paid back with interest at the same
rate that the trust accounts are receiving .
II . FINANCIAL IMPACT
No impact to County General Fund .
III . REASONS FOR RECOMMENDATION/BACKGROUND
As part of the agreement between the County , the Cities of
Pittsburg and Antioch , and Sutro & Company Inc . ( Bond
Financiers ) , the first year repayment ( $772 , 000) of the bond has
to be on hand before the sale of the bonds .
County ' s estimated share of the cost is $305 , 000 of which
$ 150 , 000 had been collected . To satisfy our obligation , staff
recommends that the Board of Supervisors authorize the loans from
other areas of benefit. The loan amount will not affect project
delivery schedules. for these two Areas of Benefit .
Continued on attachment: yes Signature -
Recommendation of County Administra-tor
Recommendation of Board Committee
Approve Other:
Signature(s ) :
Action of Board on : OCT 6 1987
Approved as Recommended_ Other
Vote of Supervisors I HEREBY"CERTIFY THAT THIS IS
A TRUE AND CORRECT COPY OF AN
X _ Unanimous (Absent ) ACTION TAKEN AND ENTERED ON
Ayes : Noes : THE MINUTES OF THE BOARD OF
Absent: Abstain: SUPERVISORS ON DATE SHOWN.
Attested OCT 6 1987
Orig . Div . : Public Works ( RE ) PHIL. BATCHELOR,
cc : Supervisor Torlakson CLERK OF THE BOARD
County Administrator OF SUPERVISORS AND
Community Development COUNTY ADMINISTRATOR
PW Accounting
RVF:ly By '
BO : 6 .t10 DEPUTY CLERK