HomeMy WebLinkAboutMINUTES - 10041988 - 1.51 1-051
TO: BOARD OF SUPERVISORS
FROM: J. MICHAEL WALFORD, PUBLIC WORKS DIRECTOR
DATE: October 4, 1988
SUBJECT: California Department of Transportation Division of
Aeronautics Loan Application in the amount of $297,045
for East County Airport Development
Specific Request(s) or Recommendation(s) & Background &
Justification
I. RECOMMENDATION
WITHDRAW Loan Application to the California Department of
Transportation Division of Aeronautics in the amount of
$222,000 approved on April 5, 1988; and
AUTHORIZE the Public Works Director to file an application
to the California Department of Transportation Division of
Aeronautics to borrow the sum of $297,045 which is fiscal
year 1988-89 local share for the East County Airport Develop-
ment Project (AIP 3-06-0008-02) .
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
(Reasons Page 2)
Cont'd on attachment: % yes Signature:
Recommendation of County Administra
Recommendation of Board Committee
Approve Other:
Signature(s) :
Action of Board on: OST 4 14i2R
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 THE
Ayes Noes MINUTES OF THE BOARD OF
Absent Abstain SUPERVISORS ON DATE SHOWN.
Orig. Div. : Public Works (AP) Attested OCT 4 1988
ccs County Administrator Phil Batchelor, Clerk
County Counsel of the Board of Supervisors
Auditor-Controller and County Administrator
P.W. Accounting (via BFA)
FAA (via BFA) �Q '„/
By
aeroapp2.t9 Deputy Clerk
dg
4
14
Loan Application for East County Airport
October 4, 1988
Page 2
III . REASONS FOR RECOMMENDATION/BACKGROUND
The Board of Supervisors approved FAA Grant Agreement (AIP
3-06-0008-02) in the amount of $7,020,000 on June .3, 1986 .
This is a multi-year grant request with no more than
$3,000,000 anticipated to be received in any single year. On
April 5, 1988 the Board approved a Loan Application in the
amount of $222,000 . Since the FAA grant for this phase of the
project has been increased, it is necessary to reapply for the
loan in the adjusted amount of $297,045 .
The purpose of this loan is to cover the Airport's local share
of the project ($297,045) thus releasing an equivalent amount
of Enterprise Fund money. The revenue generated into the
State Aeronautics Fund by this loan program increases the fund
for future State Aeronautics' development programs .