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HomeMy WebLinkAbout75-082Resolufion No RESOLUTION ESTABI,IS~I~NG COUNTX SE~VICE A~A LOAN FIIND AND APPROPRIA,T~I~I('T MONIES THERETO WHEREAS, the Board of Super~trisors on May 21, 1975 unanimously resolved that a revolving fund pursuant to Government Code §25210.9(c) in the amount o~ $100,000 be es~ablished and that a loan be made ~o County Service Area Number 38 for ~h.e purpose of a conrribution to Sky~ray Assessment District No. l, and WHEREAS, Gover~~nent Code §25210.9(c) prov~des that the Board o£ Supervisars znay establish a revolvin~ fund to be used for certa~n speci£iad expenditures to provide on.e or more extez~ded services to a county service area located wholly within the county, and jaHEREAS, said §25210.°(c) further provides that a county may appropriate any of its avaiiable moni.es to suck~. fund in an amoun~ not to exceed five hundred thousand dollars ($500,000), and. WHEREAS, said §25210.9(c) further provides that said revolving fund sha11 be reimbursed from monies made available from a benefiting service area and that no st~ms shall be disbursed from the re~crolving fund until the board of supervisors has, by resolution, es~ablished the method by and term (not exceeding five years) within ~rhic~ the county service area is to reimburse the revolving fund, and specified that the service area shall also reimburse the fund for i.n~erest at the current rate per annum received on similar types of investments as determined by the county treasurer, and WHEREAS, the Butte County Board of Supervisors has determined ~har there is need for such a revoiving fund to:~provide monies for County Se~vice Area No. 38 (Paradise Drainage) to paxticipa~e in the cos~ of constructing a~storm drainage system on the Skyway in Paradise ~hat has been constructed by the Skyway Assessment District No. l: 7a -~~ . ~~~ ~i ~ ' NOW, THER~FORE, BE IT R~SOLVED by the Board of Supervisors of the County of But~e, State of California as £ollows: l. The action taken on May 2L, I975 establishing a revolving fund pursuant to Gove~nment Code §25210.9(c) in the amount of $100,000, the loan in that amount to County Service Area No. 38, and said contribution to Skyway Assessment District Number 1 is hereby ratified and con- firmed. 2. There is hereby established a~evolving fund entitled Coun~y Service Area Loan Revolving Fund. 3. There is hereby appxopr~ated, from the County General Fund Appropriation for Contingencies to said ~evolvxng .fund, the sum of one hundred thousand dollars ($~00,000}, 4. That the sum of one hundred ~l~ousand do~lars ($100,000) is to be disbursed from the revolving fund to Coun~y Service Area ' No. 38 (Paradise Drainage) for the exp~ess purpose of parCicipating in the cost of the Skyway Assessment Dis~xicC ATo. 1 s~ozm drainage sys~em. 5. That the sum disbursed to County Service Area No. 38 shall be reimbursed by Gounty Service Area No. 3$ to the revo~ving fund as rapidly as possible under the maximum ad valorem tax ra~e li~itation for County Service Area ~o. 38 after allowance for annual mainte~ance and operation expenses and other capital outlay expenditures determined necessary by the Board of Supervisors, but in no event shall the term of reimbursement exceed a tota~ of five (5) years from the date of disbursement; and that County Service Area No. 38 sha11 also reimburse the revolving fund ~or interest, on the unrezmbursed balance of the principle amount disbursed, at a rate per annum e~ua1 to tha~ earned by the county on szmzlar types of investment, as de~ermined by the county treasurer. BE ZT ~U~TH~R RESOLVED that as monies are reimbursed to the revolving fund by County Service Area Na. 3S, the County Auditor is directed to txansfer such monies from the revolving fund to the County Genera~ Fund and credited to fund balances avai~able for funding the next ensuing year budget of the County, until such time as all' monies appropriated to the revolvin~ fund, plus all earned interest paid into the revolvin~ fund, have been trans~erred to the County General Fund. 2. .___ . _ - . . _ ~~'~ _ PASSED AND ADOPTED by the Butte County Board of Supexvzsors this 27th daq of May , 1975 by the following vote: AYES: Supervisors Madigan, McKillop, Richter and Chairman Ladd 1~IOES : None ABSENT: Snperv~.sor Cameron NOT VOTING: None ~ ~ J S M. -D, ai.xma o the Board o~ Supervisors ATTEST: CLARK A. NEZSON, Covnty C1erk and ex-officio Clerk o~ the Board ~ ° .. Y 3. --- _ ._ . _ _ . '. . : ~ j !