HomeMy WebLinkAboutMINUTES - 02251992 - 1.34 /43
TO: BOARD OF SUPERVISORS
FROM: J. MICHAEL WALFORD, PUBLIC WORKS DIRECTOR
DATE: FEBRUARY 18, 1992
SUBJECT: -CALIFORNIA DEPARTMENT OF TRANSPORTATION DIVISION OF AERONAUTICS LOAN
APPLICATION IN THE AMOUNT OF $95,748 FOR BUCHANAN FIELD AIRPORT DEVELOP-
MENT
SPECIFIC REQUEST(S)OR RECOMMENDATION(S) &BACKGROUND AND JUSTIFICATION
1. Recommended Action:
AUTHORIZE the Public Works Director to apply to the California Department of Transportation
Division of Aeronautics to borrow the sum of $95,748 which is the local share for the Buchanan
Field Airport Federal Development Grant (AIP 3-06-0050-07); and
AUTHORIZE the Public Works Director to sign the Loan Agreement.
II. Financial Impact:
Repayment is based on a twenty year repayment schedule with the first payment due one year from
date loan is granted. The interest rate is the most current State of Calfornia Bond Rate as of the
date of the loan.
III. Reasons for Recommendations and Background:
The Board of the Supervisors approved FAA Grant application in the amount of $861,731.00 on
September 17, 1991. The purpose of this loan is to cover the Airport's local share of this project.
The revenue generated into the State Aeronautics Fund by this loan program increases the fund
for future State Aeronautics development programs.
Continued on Attachment: SIGNATURE:
14
_RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE
APPROVE OTHER
SIGNATURE(S):
ACTION OF BOARD ON 199Z APPROVED AS RECOMMENDED OTHER
VOTE OF SUPERVISORS
UNANIMOUS (ABSENT )
AYES: NOES:
ABSENT: ABSTAIN:
1 hereby certify that this Is a true and correct copy of
w:n an action taken and entered on the minutes of the
c:bu\amapp.d Board of Supervisors on the date shown,
Orig Div: Airports ATTESTED: FEB 2 5 1992
PHIL BATCHELOR,Cierk of the Board
cc: County Administrator of Supervisors and. unty Administrator
Public Works Director
Public Works Accounting
Auditor/Controller By ,Deputy
Aviation Advisory Committee
Federal Aviation Administration /