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HomeMy WebLinkAboutMINUTES - 11101987 - 1.17 TO: BOARD OF SUPERVISORS, AS GOVERNING BOARD OF CONTRA COSTA COUNTY FLOOD CONTROL AND WATER CONSERVATION DISTRICT 1-17 FROM: J. MICHAEL WALFORD, PUBLIC WORKS DIRECTOR DATE: November 3, 1987 SUBJECT: Flood Control Loans to Drainage Area 56, East Antioch Area, Project No. 7566-6D 8462 Specific Request(s) or Recommendations & Background & Justification RECOMMENDED ACTION: 1 . APPROVE the deposit of funds from the following entities to the Flood Control District Revolving Fund: Drainage Area 10 $ 120,000 Drainage Area 22 130,000 Drainage Area 29C 100,000 Flood Control District 200,000 Flood Control Zone 3B 600,000 Total $1 ,150,000 2. APPROVE the loaning of $1,150,000 at an annual rate of 8 percent from the Flood Control District Revolving fund to Drainage Area 56. The above loans are anticipated to be repaid within four years. FINANCIAL IMPACT• Drainage Area 56 will incur an interest cost which will be transferred to the benefit of the depositing entities. REASONS FOR RECOMMENDATION/BACKGROUND: The loan to Drainage Area 56 will permit the construction of the Lindsey Detention Basin on East Antioch Creek which is needed to prevent flooding from the new upstream development and to erase the $500,000 obligation of the County Redevelopment Agency to the Southern Pacific Transportation Company that is due on December 31, 1987. CONSEQUENCES OF NEGATIVE ACTION: The above project will not proceed. Continued on attachment: yes Signature: ' Recommendation of County Administrator Recommendation .of Board Committee Approve Other: Signature(s) : Action of Board on: N 0 V 10 1987 Approved as Recommended_ Other Vote of Supervisors I HEREBY CERTIFY THAT THIS IS A TRUE AND CORRECT COPY OF AN ACTION TAKEN Unanimous (Absent ) AND ENTERED ON THE MINUTES OF THE Ayes: Noes: BOARD OF SUPERVISORS ON DATE SHOWN, Absent: Abstain: Attested NOV 10 1987 Orig. Div. : Public Works Dept. Phil Bat che or cc: County Administrator Clerk of the Board of County Counsel Supervisors and County County Auditor Controller Administrator Community Development Dir. Public Works Dept. Flood Control Engrg. Accounting By DEPUTY MFK:md - -- ...-- - 22.t10