HomeMy WebLinkAboutMINUTES - 12081992 - TC.2 Contra
s Costa
County
TO: BOARD OF SUPERVISORS ��jA-c_........ S
FROM: TRANSPORTATION COMMITTEE
DATE: November 30, 1992
SUBJECT: Report on termination of the Contra Costa Delta Highway Joint Powers
Financing Authority
SPECIFIC REQUEST(S) OR RECOMMENDATIONS) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
Approve the attached agreement (see Exhibit A) terminating the
Contra Costa Delta Highway Joint Financing'. Authority and authorize
its signature by the Chair.
FISCAL IMPACT
All County contributions were funded by the East-Central County
Travel Corridor Area of Benefit. Any. surplus funds returned to the
County will be deposited in that trust fund pursuant to state law.
BACKGROUND/REASONS FOR RECOMMENDATIONS
On May 24 , 1988 , the Board of Supervisors entered into a Joint
Exercise of Powers Agreement with the Cities of Antioch and
Pittsburg, creating the Contra Costa Delta Highway Joint Financing
Authority. The purpose of the Authority was to finance a project
to construct one westbound lane along State Route 4 from Willow
Pass Road near Pittsburg to Willow Pass Road in the City of
Concord. Construction of the project was completed in 1989. Bonds
issued by the Authority to pay for construction were fully redeemed
in 1991.
The Agreement provides for its termination upon mutual, written
consent of the County;;; and the cities of Antioch and Pittsburg.
Upon termination of the Agreement, any surplus money on hand shall
be returned to the participants in proportion to the contributions
made to the Authority and the project. Surplus funds will be
CONTIYUED ON ATTACHMENT: XX YES SIGNATURE
RECOMMENDATION OF COUNTY ADMINISTRATOR X RECOMMENDATION OF BOARD COMMITTEE
APPROVE OTHER
SIGN.A'.—I)RE (S) : I. Schroder Tom Torlakson
ACTIONf OF BOARD ON ;;L-APPROVED AS RECOMMENDED _� OTHER
VOTE OF SUPERVISORS
I HEREBY CERTIFY THAT THIS IS A
A, U1IANIMOUS (ABSENT TRUE AND CORRECT COPY OF AN
AYES: NOES:_ ACTION TAKEN AND ENTERED ON THE
ABSENT: ABSTAIN: MINUTES OF THE BOARD OF
SUPEIVISORS ON THE DATE SHOWN.
Contact: S.Goetz, CDD, 646-2131 / n
Orig: Community Development Department ATTECTEDa-
cc: Public Works Department PHIL BATCHELOR, CLERK OF
Antioch (via CDD) THE BOARD OF SUPERVISORS
Pittsburg (via CDD) AND COUNTY ADMINISTRATOR
J. Knox, Orrick Herrington & Sutcliff (via C?'D)
M. Curran, Sutro & Co. (via CDD) BY_ -_ , DEPUTY
Termination of CC Delta Highway Joint Financing Authority
November 30, 1992
Page Two
returned to the participating jurisdictions within 30 days of terminating the
Agreement as follows:
Antioch 46.42%
Pittsburg 19. 52%
County 34 .86%
The purpose of the Authority has been fulfilled and``the termination procedures and
dispersal of assets are consistent with the provisions of the JEPA. The
Transportation Committee recommends termination of the Authority as specified in
this report.
G
r
E X H I B I T A
AGREEMENT TO TERMINATE CONTRA COSTA DELTA HIGHWAY
JOINT POWERS FINANCING AUTHORITY
Effective , 1992, this Agreement is
entered into by and between the COUNTY OF CONTRA COSTA ("County") ,
a political subdivision of the State of California, the CITY OF
PITTSBURG .("Pittsburg") , a municipal corporation organized and
existing under the laws of the State of California, and the CITY OF
ANTIOCH ("Antioch") , a municipal corporation organized and existing
under the laws of the State of California.
Effective June 1, 1988, County, Pittsburg and Antioch entered
into a joint exercise of powers agreement ("JEPA") to create the
Contra Costa Delta Highway Joint Powers Financing Authority
("Authority") ; and
The purpose of the Authority as set forth in section 2 of the
JEPA was to finance a project to construct one westbound lane along
California State Route 4 from Willow Pass Road near Pittsburg to
Willow Pass Road in the City of Concord ("Project") ; and
Construction of the Project is complete and the bonds used to
finance construction have been fully redeemed; and
Section 3 of the JEPA provides for termination of the JEPA on
November 1, 1995, unless earlier terminated by mutual agreement of
County, Pittsburg and Antioch.
NOW, THEREFORE, County, Pittsburg and Antioch agree as
follows:
1. Pursuant to section 3 of the JEPA, the JEPA and the
Authority shall be terminated as of the date written above.
2. Pursuant to section 8 of the JEPA, as well as Government
Code section 6512, any surplus money on hand shall be returned to
County, Pittsburg and Antioch in proportion to the contributions
made to the Authority and the Project.
COUNTY OF CONTRA COSTA
By
Chair, Board of Supervisors
r
[SEAL]
Attest: Phil Batchelor, Clerk of
the Board of Supervisors and County
Administrator
By
Deputy
CITY OF PITTSBURG
By
City Manager
[SEAL]
ATTEST:
City Clerk
CITY OF ANTIOCH
By
Mayor
[SEAL]
ATTEST:
City Clerk
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