HomeMy WebLinkAboutMINUTES - 01051988 - 1.29 1
TO: BOARD OF SUPERVISORS, AS THE GOVERNING BOARD OF CONTRA
COSTA COUNTY FLOOD CONTROL AND WATER CONSERVATION
DISTSRICT
FROM: J. MICHAEL WALFORD, PUBLIC WORKS DIRECTOR
DATE: January 5, 1988
SUBJECT: Approve the Transfer of Funds from Drainage Areas 10,
29C, 40A, and 48C to the Flood Control District
Revolving Fund, and Loans From Said Fund to Drainage
Areas 13 , 29E, 29H, and 29J, Countywide
Specific Request(s) or Recommendation(s) & Background &
Justification
I. RECOMMENDATION
1. Approve the following transfers from the Drainage Areas
indicated to the Flood Control District Revolving Fund:
Drainage Area 10 $100, 000
Drainage Area 29C 100, 000
Drainage Area 40A 1161000
Drainage Area 48C 45, 000
Total $361, 000
2 . Approve loans from said fund to the following Drainage Areas
for the amounts indicated:
Drainage Area 13 $131, 000
Drainage Area 29E 14 , 000
Drainage Area 29H 200, 000
Drainage Area 29J 16, 000
Total $361, 000
Continued on attachment: X yes Signature:
Recommendation of County Administrator
Recommendation of Board Committee
Approve Other:
Signature(s) :
Action of Board on: JAN 5 1988
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 JAN 5 198
Orig. Div. :Public Works (FC) PHIL BATCHELOR,
cc: County Administrator CLERK OF THE BOARD
Auditor-Controller OF SUPERVISORS AND
County Counsel COUNTY ADMINISTRATOR
Public Works:
Accounting
BO: 21.t12 �
By /O ^
DEPUTY CLERK
c- 2-7
II. FINANCIAL IMPACT
Said loans shall be repaid to the depositing entities within
three years from the date of disbursement from the fund, from
monies available to said entities through drainage fees. The
repayments shall include interest on the unpaid balance, at 8%
per annum, which is the current rate received on similar types of
investments by Contra Costa County as determined by the County
Treasurer.
REASONS FOR RECOMMENDATION/BACKGROUND:
The proposed loan to Drainage Area 13 is to provide additional
revenue for the Line E Storm Drain Project and to refinance the
current loan from Drainage Area 29H.
The proposed loan to Drainage Areas 29E is to provide funding for
amendment of the drainage area plan and fee ordinance and to
refinance the current loan from Drainage Area 29H.
The proposed loan to Drainage Area 29H is to provide a portion of
the funds needed to complete the right of way acquisition for
Detention Basin No. 1 as called for in the adopted drainage plan.
The proposed loan to Drainage Area 291 is to provide funds for
completion of the rights of way acquisition needed for the
outfall storm drain constructed by the developer of Subdivision
No. 6788 .
CONSEQUENCES OF NEGATIVE ACTION:
The projects noted above for the borrowing entities cannot be
completed.