HomeMy WebLinkAboutMINUTES - 02131990 - 1.72 TO: REDEVELOPMENT AGENCY ��•1//��
F O _ t1 M
FROM: PHIL BATCHELOR, ;'rl. .
EXECUTIVE DIRECTOR ;•� 5 Costa
DATE: February 13, 1990
.C' County
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SUBJECT: 1987 Contra Costa Redevelopment Agency Tax
Allocation Notes
SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
Authorize the auditor-controller to issue a check in the amount of
$85,810 . 06 from account 289102-0560 to Seattle First National Bank,
Trustee with the Redevelopment Agency' s 1987 Tax Allocation Note
Issue, for deposit in the EXCESS INVESTMENT EARNINGS fund.
FISCAL IMPACT
None. Amounts being deposited with the Trustee reflect excess
investment earnings that will have to be rebated to the Federal
Government.
BACKGROUND/REASONS FOR RECOMMENDATIONS
In December 1987 the Redevelopment Agency issued its Tax Allocation
Notes in. the amount of $7 . 5 million for the Pleasant Hill BART
Station Area Redevelopment Project. Substantially, all of the
proceeds from that note issue had been utilized to purchase
additional right-of-way for streets and roads and to retire debt of
the County. Prior to the proceeds being used, the funds were
invested. Pursuant to the 1987 Tax Reform bill, the Agency is
required to calculate earnings on the investment of the bond
proceeds that exceed the yield on the bonds. The excess earnings
are required to be rebated to the Federal Government. The Trust
Indenture for the Tax Allocation Note issue requires that the
Agency calculate and submit to the Trustee, Seattle First National
Bank, excess earnings that will subsequently have to be rebated to
the Federal Government.
CONTINUED ON AZTACHLEENT:. YES SIGNA
RECOMMENDATION OF EXECUTIVE DIRECTOR RECOP0MWAT OMMI E
APPROVE OTHER
SIGNATURE(S) :
ACTION OF AGENCY ON February 13 , 1990 APPROVED AS RECOMMENDED X OTHER
VOTE OF COMMISSIONERS
I HEREBY CERTIFY THAT THIS IS A
X UNANIMOUS (ABSENT ) TRUE AND CORRECT COPY OF AN
AYES: NOES: ACTION TAKEN AND ENTERED ON THE
ABSENT: ABSTAIN: MINUTES OF THE REDEVELOPMENT
AGENCY ON THE DATE SHOWN.
cc: Redevelopment Director ATTESTED February 13 , 1990
CAO PHIL BATCHELOR,
Auditor-Controller AGENCY SECRETARY
County Counsel
Treasurer-Tax Collector
Seattle First National Bank BY 11AJ DEPUTY
(via Redevelopment Agency)
SRA3/jb/87taxan.bos