HomeMy WebLinkAboutMINUTES - 02262002 - C9 TO BOARD OF SUPERVISORS
FROM: MAURICE M. SHIU, PUBLIC WORDS DIRECTOR
DATE: February 26, 2002
SUBJECT: Establish a Trust Fund and Authorize Investment Activity on behalf of the East County
Transportation Improvement Authority, Project No. 4660-6X4003`
SPECIFIC REQUEST(S)OR RECOMMENDATION(S)&BACKGROUND AND JUSTIFICATION
h Recommended Aot on
DIRECT the Auditor-Controller to establish a trust fund for the 'East County Transportation
Improvement Authority and AUTHORIZE the Treasurer to invest funds,on behalf of the Authority,
with interest to accrue on the trust.
II. Financial lmpact:
The monies will be generated by the four agencies of the East County Transportation
Improvement Authority from fees on new development. No general funds will be involved'.
Continued on Attachment: X SIGNATURE;
j✓lIRECOMMENDATION OF COUNTY ADMINISTRATOR
_RECOMMENDATION OF BOARD COMMITTEE
2—APPROVE OTHER
SIGNATURE(S): , ..
ACTION OF'BOAR N FEBRUARY '26/02 APPROVED'=AS RECOMMENDED XX OTHER
VOJJ OF SUPERVISORS
UNANIMOUS(ABSENT ) I hereby certify that this is a true and correct copy of an
AYES: NOES: action taken and entered on the minutes of the Board
ABSENT: ABSTAIN: of Supervisors on the date shown.
G:\GrpDatalTransEng\2002\\ECTIA\County Board Order trust fund.doc ATTESTED: FEBRUARY 26, 2002
JOHN SWEETEN, Clerk of the Board of Supervisors
Contact:
Cone. t: Public Works(Lowell Tunison,T>Ten.313-2382 and County Administrator
c: PW Accounting
County Auditor/Controller
County Treasurer/Tax Collector
City Managers: Antioch Bydiad , Deputy
Brentwood °'
Oakley
SUBJECT: Establish a Trust Fund and Authorize investment Activity on Behalf of the East County
Transportation Improvement Authority, Project No. 0660-6X4003'
DATE: February 26, 2002'
PAGE 2`
111. Reasons for Recommendations and Background.
The County, as well as the Cities of Antioch, Brentwood and Oakley, entered into a Joint Exercise
of Powers Agreement(JEPA)establishing the East County Transportation Improvement Authority.
The JEPA provides for the collection of development fees"for the improvement of regional''
transportation facilities. The agencies will collect the fees on the Authority"' and periodically
transfer these fees and accrued interest to the Authority Trust Fund.
The JEPA 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 be deposited. It also directs
the Treasurer to invest the monies in the Trust Fund on behalf of the Authority.
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 JEPA,