HomeMy WebLinkAboutMINUTES - 04051988 - 2.6 ti
TO: BOARD OF SUPERVISORS
FROM: J. MICHAEL WALFORD, PUBLIC WORKS DIRECTOR
DATE: April 5, 1988
SUBJECT: California Department of Transportation Division of Aeronautics Loan
Application in the amount of $222,000 for East County Airport
Development
Specific Request(s) or Recommendation(s) & Background & Justification
RECOMMENDED ACTION:
AUTHORIZE the Public Works Director to file an application to the California
Department of Transportation Division of Aeronautics to borrow the sum of
$222,000 which is this fiscal years local share for the East County Development
project.
FINANCIAL IMPACT:
Repayment is based on a 25-year repayment schedule, with the first payment due
one ( 1) year from date loan is granted. The interest rate is the most current
State of California Bond Rate as of the date of the loan.
REASONS FOR RECOMMENDATIONlBACKGROUND:
On June 3, 1986, the Board authorized the Public Works Director or his designee
to apply for a Federal Grant in the amount of $7,020,000. This is a multi-year
grant request with no more than $2,000,000 anticipated to be received in any
single year.
The purpose of this loan is to cover the Airport's local share of this year 's
portion of the loan ($222,000) thus releasing an equivalent amount of enterprise
fund money to continue the revenue producing. development for the Airport. The
revenue generated into the State Aeronautics Fund by this loan program increases
the fund for future State Aeronautics development program.
Continued on attachment: yes Signature:
_ Recommendation of County Administrator _ Recommendation of Board Committee
Approve Other:
Signature(s) :
Action of Board on:— APR 5 1988 Approved as Recommended_ Other
Andrea Wise commented on financing procedures relative to improvements
at Buchanan Field and the East County Airport .
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: Abstain:
Attested APR 5 1988
Phil Batchelor
Orig. Div. : Public Works-Airport Clerk of the Board of Supervisors
cc: Auditor-Controller and County Administrator
P.W. Accounting
FAA (via BFA)
By ILA
,
Deputy Clerk
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