HomeMy WebLinkAboutMINUTES - 01311995 - 1.1 TO: BOARD OF SUPERVISORS
FROM: J. MICHAEL WALFORD, PUBLIC WORKS DIRECTOR
DATE: January 31, 1995
SUBJECT: Establish a Trust Fund and Authorize Investment Activity on Behalf of the East Contra
Costa Regional Fee and Financing Authority.
SPECIFIC REQUEST(S)OR RECOMMENDATION(S)&BACKGROUND AND JUSTIFICATION
I. Recommended Action:
DIRECT the Auditor-Controller to establish a trust fund for the East Contra Costa Regional Fee
and Financing Authority and AUTHORIZE the Treasurer to invest funds, on behalf of the
Authority, with interest to accrue to the trust.
II. Financial Impact:
The monies will be generated by the four agencies of the East Contra Costa Regional Fee and
Financing Authority from development fees. No general funds will be involved.
III. Reasons for Recommendations and Background:
The County as well as the cities of Antioch, Brentwood and Pittsburg entered into a Joint Exercise
of Powers Agreement (JPA), establishing the East Contra Costa Regional Fee and Financing
Authority. The JPA provides for the collection of development fees for the improvement of
regional transportation facilities. The agencies will collect the fees on behalf of the Authority and
periodically transfer those fees and accrued interest to the Authority Trust Fund.
The JPA calls for the County Auditor-Controller and Treasurer-Tax Collector to perform fiduciary
duties on behalf of the Authority. This Board Order establishes a trust fund into which the
collected fees and accrued interest from the cities and County will bqAeposited. It also directs
the Treasurer to invest the monies in the Trust Fund on behalf of thority.
Continued on Attachment: X SIGNATURE:
_RECOMMENDATION OF COUNTY ADMINISTRATOR.
_RECOMMENDATION OF BOARD COMMITTEE
APPROVE OTHER
SIGNATURE(S):
ACTION OF BOARD ON January 31; 1995 APPROVED AS RECOMMENDED X OTHER_
VOTE OF SUPERVISORS
X UNANIMOUS(ABSENT )
AYES: NOES:
ABSENT: ABSTAIN:
LT:eh I hereby certify that this is a true and Correctcopyof
\transen \It\bo31.t1 an action taken and entered on the minutes of the
g: g Board of Supervisors on the date shown.
ATTESTED: Tarn iarg31, 19�A_5
Orig. Div: Public Works(T/E) PHIL BATCHELOR,Clerk of the Board
Contact: Lowell Tunison,Tel.313-2382 of Supervisors and unry Administrator
cc: See Page 2
BY %_tj ,Deputy
Establish a Trust Fund and Authorize Investment Activity on Behalf of the East Contra Costa Regional
Fee and Financing Authority.
January 31, 1995
Page 2
IV. Consequences of Negative Action:
Failure to approve the action will not allow the Auditor-Controller and Treasurer-Tax Collector to
perform the duties that were assigned to them in the JPA.
cc: Accounting
County Auditor/Controller
County Treasurer/Tax Collector
City Managers: Antioch
Brentwood
Pittsburg