To: Board of Supervisors
From: Auditor-Controller
Meeting Date: August 7, 2018
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Department Contact: |
Lloyd Weer |
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234-6860 |
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Department Contact: |
Chamise Cubbison |
Phone: |
234-6860 |
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Item Type: Consent Agenda |
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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
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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:
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Source of Funding: N/A |
Budgeted in Current F/Y: Yes |
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Current F/Y Cost: N/A |
Annual Recurring Cost: N/A |
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Supervisorial District: District 4 |
Vote Requirement: Majority |
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Agreement/Resolution/Ordinance Approved by County Counsel: Yes
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CEO Liaison: Janelle Rau, Deputy CEO |
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CEO Review: Yes |
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CEO Comments:
FOR COB USE ONLY
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Executed By: Meribeth Dermond |
Final Status:Adopted |
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Date: August 7, 2018 |
Executed Item Number: Resolution Item Number: 18-110 |