HomeMy WebLinkAboutMINUTES - 04211987 - 1.27 TO: BOARD OF SUPERVISORS
FROM: J. MICHAEL WALFORD, CHIEF ENGINEER
DATE: April 21 , 1987
SUBJECT: Approve the transfer of funds from Flood Control Drainage Areas 40A, 73, 29G and
128, to the Flood Control District Revolving Fund and a Loan from Said Fund to
Flood Control Zone 7 (2527).
Specific Requests or Recommendations & Background & Justification
RECOMMENDED ACTION:
1. Approve, as the Governing Body of the Contra Costa County Flood Control and Water Conser-
vation District, the transfer of funds totaling $350,000 from the following entities to
the Flood Control District Revolving Fund :
Amount to be
Entity Transferred
Drainage Area 40A $ 110,000
Drainage Area 73 58,000
Drainage Area 29G 50,000
Drainage Area 128 132,000
Total $ 350,000_
2 . Approve a loan of $350 ,000 from Flood Control Revolving Fund to Flood Control Zone 7
. (FCZ 7).
FINANCIAL IMPACT:
Said loan shall be repaid to the Revolving Fund from FCZ 7 within four (4) years from the
date of disbursement from the fund, from fees, charges, tax revenues or other monies available
to the Zone, together with interest on the unpaid balance at a rate of 6.75 percent per
annum, which is the current rate received on similar types of investments by Contra Costa
County as determined by the County Treasurer.
0
REASONS FOR RECOMMENDATION/BACKGROUND:
The proposed loan is necessary to partially refinace FCZ 7' s outstanding debt* from Flood
Control Zone 3B.
CONSEQUENCES OF NEGATIVE ACTION:
None
Continued on attachment: yes Signature:lj�W04 - �/�J/
Recommendation of County Administrator Re ommen atlon o oard Committee
Approve Other:
Signature(s) : /
Action of Board on: APR 2 11987 Approved as Recommended t/ Other
Vote of Supervisors I HEREBY CERTIFY THAT THIS IS A TRUE
/ AND CORRECT COPY OF AN ACTION TAKEN
,/Unanimous (Absent ) AND ENTERED ON THE MINUTES OF THE
Ayes: Noes: BOARD OF SUPERVISORS ON DATE SHOWN.
Absent: Abstaln Attested APR 21 1987
Orig. Div.: Public Works, Flood Control Phil Batchelor
cc: County Adminsitrator
Auditor-Controller
County Counsel
Public Works Director Clerk of the Board of
Flood Control Planning Supervisors and County
Public Works Accounting Administrator
FFS-fac