HomeMy WebLinkAbout92-006WHEREAS, the Board of Supervisors has determined that it
is in the public interest to retire the debt used to construct the
Gridley and Chico libraries; and
WHEREAS, the Board of Supervisors has determined that the
most appropriate method to finance the retirement is through a loan
from the Workers Compensation Insurance Reserve .to the Library
Fund;
NOW, THEREFORE BE IT RESOLVED, that the Treasurer Tax
Collector and the Auditor Controller are directed to transfer the
amount necessary, but not in excess of $1,200,000.00, to retire the
remaining principal of bonds outstanding along with related
administrative and ancillary costs, from the Workers Compensation
Insurance Reserve Fund to the Library Fund and to pay over such
funds to the Bank of America, as Trustee, sufficient to retire all
outstanding bonds;
The amount transferred shall constitute a loan, such loan
to bear interest at the rate earned by the County Treasury and such
interest to paid quarterly. The principal amount of the loan shall
be repaid in annual installments, beginning August 1, 1992 and
terminating August 1, 1997 ar it shall be repaid in such manner as
the Board of Supervisors may in the future direct. The principal
repayment schedule shall be calculated so as to make each annual
debt service obligation as close to equal as possible.
RESOLUTION AUTHORIZING A LOAN
FOR THE PURPOSES OF THE RETIRING
THE REMAINING DEBT DF THE BUTTE COUNTY LIBRARY CORPORATION
PASSED AND ADOPTED by the Butte County Berard of Supervisors
this the 28th day of January, 1992 by the following vate:
AYES: Supervisors McInturf, Noux, McLaughlin, Fulton and Chair Dolan
NOES : None
ABSENT: None
NOT VOTING: None
JAdQ~ OL~ Chair, Butte-County
Board of Supervisors
ATTEST:
WILLIAM H. RANDOLPH, Chief Administrative
Office and Cl k of the Board of Supervisors
By : cu ~._._
Carol Roach, Assistant Clerk