HomeMy WebLinkAbout19-038WHEREAS, the Butte County Board of Supervisors established a County Service Area Revolving Loan Fund to
make loans to County Service Areas for the acquisition or improvement of real or personal property, environmental
studies, fiscal analyses, engineering services, supplies, or any other lawful expense; and
WHEREAS, Government Code §25214.5(a) provides that a County may appropriate up to $2,000,000 from,
any available funds of the County to a revolving fund to be used by County Service Areas; and
WHEREAS, Government Codes §25214.5(a) further provides that said revolving fund shall be reimbursed
within 10 years from the date of the disbursement at a rate of interest, if any, that the Board of Supervisors shall
determine, provided that the interest rate shall not exceed the rate of interest that the County earns of its
temporarily idle funds; and
WHEREAS, Government Code §25214.5(b) provides that if the Board of Supervisors finds that the
reimbursement of the revolving fund may result in an economic or fiscal hardship to the property owners or residents
of the County Service Area, the Board of Supervisors may, by a four-fifths vote, waive the reimbursement in whole
or in part; and
WHEREAS, the County Service Area Loan Revolving Fund has a balance of $-4,700- available to loan, to County
Service Areas; and
WHEREAS, an appropriation, from the General Fund Contingency will be made to the County Service Area
Revolving Loan Fund in the amount of $4,300; and
WHEREAS, County Service Area — Wildflower Estates Subdivision does not have outstanding loans from the
County Service Area Revolving Loan Fund; and
WHEREAS, the Butte County Board of Supervisors has determined that there is a need to provide monies to:
County Service Area 128 for allowable costs pursuant to Government Code §25214.5(a).
NOW, THEREFORE, BE IT RESOLVED by the Butte County Board of Supervisors that:
1. Funds shall be appropriated to the County Service Area Loan Revolving Fund in the amount of $4,300;
and
2. A loan in the amount of $9,000 shall be made from the County Service Area Revolving Loan Fund to
County Service Area 128; and
3. The amount disbursed to the County Service Area 128 shall be reimbursed to the Revolving Loan Fund
within 10 years, pursuant to Government Code §25214.5(a). through equal annual payments; and
4. County Service Area 128 shall also reimburse the Revolving Loan Fund for interest at a rate per annum
equal to that earned by the County on similar types of investments, as determined by the County
Treasurer.
5. The Board of Supervisors may, by a four-fifths vote, waive the reimbursement in whole or part at some
point in the future if the Board of Supervisors finds the reimbursement of the revolving fund may result
in an economic or fiscal hardship to the property owners or residents of the County Service Area.
PASSED AND ADOPTED by the Butte County Board of Supervisors this 26th day of March, 2019, by the
following vote:
AYES: Supervisors Connelly, Lucero, Ritter, Teeter, and Chair Lambert
NOES; None
ABSENT: None
NOT VOTING: None
Steve Larnbe6k,"Chair
Butte County Board of Supervisors
ATTEST:
Shari McCracken, Chief Administrative Officer
and Clerk of th9,6rMrd of Supervisors