HomeMy WebLinkAboutMINUTES - 01241989 - 1.37 1-03'7
TO: BOARD OF SUPERVISORS
FROKs J. MICHAEL WALFORD, PUBLIC WORKS DIRECTOR
DATE: JANUARY 24, 1989
SUBJECT: ADVANCE FUNDS WHEN REQUESTED BY THE PUBLIC WORKS DIRECTOR
TO BYRON AIRPORT AGAINST OUTSTANDING FEDERAL AVIATION
ADMINISTRATION GRANT REIMBURSEMENTS — BYRON AREA
(FUND 140400, ORG. 4824, ACCT. 4670)
4
Specific Request(s) or Recommendation(s) & Background &
Justification
RECtN MMMED ACTION s
AUTHORIZE the County Auditor-Controller to advance funds when
requested by the Public Works Director to the Byron Airport Capital
Improvement Program against outstanding funds owed the Program by
the Federal Aviation Administration (FAA) and the State Division
of Aeronautics pursuant to Airport Improvement Project (AIP) No.
3-06-0008-02 . Advanced funds shall bear interest to the County
commensurate with current yields on County deposits.
FINANCIAL IMPACT:
The FAA has approved AIP No. 3-06-0008-02 for $2,673,402 to
reimburse the County for land purchases required for the Byron
Airport. As properties are • acquired for the Airport, it is
necessary for the County to front the purchase money and invoice
FAA for reimbursement. It is estimated that the amount of
reimbursement outstanding at any one time should not exceed
$1, 000,000; nor should the reimbursement period exceed 60 days .
The County cost for the advance will be covered by the interest
payments.
Cont'd on attachment: E yes Signature:
Recommendation of County Administrator
Recommendation of Board Committee
Approve Other:
Sicmature(s) s
Action of Board ons JAN 24 1989
Approved as Recommended- _ Other
Vote of Supervisors: I HEREBY CERTIFY THAT THIS IS
A TRU B AND CORRECT COPY OF AN
X_ Unanimous (Absent ) ACTION TAKEN AND ENTERED ON THE
Ayes: Noes: MINUTES OF THE BOARD OF
Absents Abstain: SUPERVISORS ON DATE SHOWN.
Orig.Div.-Buchanan Field Airport Attested JAN 24 1989
cc: County Administrator Phil Batchelor, Clerk of the
Public Works Director Board of Supervisors
Public Works Accounting and County Admi strator
Public Works Real Property
Auditor-Controller By
Aviation Advisory Committee Deputy Clerk
Federal Aviation Admin.
HEW:dg
byron24.t1
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1 Advance Funds to Byron Airport
January 24, 1988
Page 2
REASONS FOR RECONMAATION/BACKGROUND:
The Airport Capital Improvement Project has a cash flow problem
when the amount of needed expenditures are high and the amount of
unpaid claims are also high. The funds advanced by the County will ,
at all times be secured by the outstanding claims payable by the
aforementioned FAA Grant.
The funds will only be requested by the Public Works Director when
needed. Smaller parcels may be acquired using the local 10% match
funds . The larger parcels will likely have to be acquired by
borrowing from the General Fund.
CONSEQUENCES OF NEGATIVE ACTIONS
Failure to receive credits for outstanding claims will preclude
timely closing of escrows on properties for which cooperating
property owners expect timely payment of funds. This situation
adversely affects negotiation with property owners and raises the
possibility of having to option property, a costly alternative to
direct acquisition.