TO: Board of Supervisors
FROM: Auditor-Controller
MEETING DATE: August 7, 2018
DEPARTMENT CONTACT:
Lloyd Weer
PHONE:
234-6860
DEPARTMENT CONTACT:
Chamise Cubbison
PHONE:
234-6860
ITEM TYPE: Consent Agenda
TIME ALLOCATED FOR ITEM: N/A
AGENDA TITLE:
title
Adoption of Resolution Approving a Loan of $30,000 from the 2018-19 Tax Revenues for Mendocino Coast Recreation and Park District
End
RECOMMENDED ACTION/MOTION:
recommendation
Adopt Resolution approving a loan of $30,000 from the 2018-19 Tax Revenues for Mendocino Coast Recreation and Park District; and authorize Chair to sign same.
End
PREVIOUS BOARD/BOARD COMMITTEE ACTIONS:
One July 18, 2017, the Board of Supervisors adopted Resolution 17-099 approving the temporary loan of $50,000 to Mendocino Coast Recreation and Park District per the District's request and resolution.
SUMMARY OF REQUEST:
* Section 23010 of the Government Code authorizes the Board to loan available funds to districts providing the loan does not exceed 85% of the district's anticipated tax revenues for the period loaned.
* The District has adopted their resolution #18-02 and made a formal request by letter to the County to request the loan in order to operate during the months prior to their receipt of Secured property taxes.
* The Auditor-Controller has transmitted to the District their estimated revenues for FY 2018-19, thus providing the amount with which to determine the amount of the advance.
* The District is requesting less than 6% of their anticipated revenues for FY 2018-19.
* The District's loan for FY 2018-19 will be fully paid from the first secured distribution of tax which will take place in December 2018
* The District will be charged interest on the loan at the County's pooled interest rate.
* The District's loan for FY 2017-18 has been paid in full.
ALTERNATIVE ACTION/MOTION:
Deny request for loan.
SUPPLEMENTAL INFORMATION AVAILABLE ONLINE AT: N/A
FISCAL IMPACT:
SOURCE OF FUNDING: N/...
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