HomeMy WebLinkAboutMINUTES - 10061987 - 1.44 1-044
TO: BOARD OF SUPERVISORS
FROM: J. MICHAEL WALFORD, PUBLIC WORKS DIRECTOR
DATE: October 6, 1987
SUBJECT: California Department of Transportation Division of Aeronautics Loan
Application in the amount of $348,225 for Buchanan Field Development
(0842-9985)
Specific Requests or Recommendations & Background & Justification
I. RECOMMENDED ACTION:
Authorize the Public Works Director to file an application to the
California Department of Transportation Division of Aeronautics to borrow
the sum of $348,225 which is the local share for the Buchanan Field Airport
Federal Development Grant (AIP 3-06-0050-05).
II. FINANCIAL IMPACT:
Repayment is based on a 25-year repayment schedule , with the first payment
due one (1) year from date loan is granted. THe interest rate is the most
current State of California Bond Rate as of the date of the loan.
III. REASONS FOR RECOMMENDATION/BACKGROUND:
The Board approved FAA Grant Agreement for $3,134,025 (AIP 3-06-0050-05) on
September 8, 1987. The Local Share is $348,225 making the. total project
cost $3,482,250.
The purpose of this loan is to cover the Airport's local share of the
project ($348,225) thus releasing an equivalent amount of enterprise fund
money to continue the revenue producing development for the Airport. The
revenue generated into the State Aeronautics Fund by this loan program
increases the fund for future State Aeronautics development program.
Continued on attachment: yes Signature: J
Recommendation of County Administrator Recommend on 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 ACTION TAKEN AND ENTERED
X Unanimous (Absent ) ON THE MINUTES .OF THE BOARD OF SUPERVISORS
Ayes : Noes : ON DATE SHOWN.
Absent: Abstain :
Attested OCT 6 1987
Phil Batchelor
Orig. Div.: Public Works (AP) Clerk of the Board of Supervisors
and County Administrator
cc: County Administrator
Auditor-Controller
P.W. Accounting
FAA (via BFA)
By �d1
BO:6.t10 Deputy Clerk