HomeMy WebLinkAbout93-208RESOLUTION RUTHORIZING A LOAN
FOR THE PURPOSES OF IMPLEMENTING
THE ALTERNATIVE METHOD OF DISTRIBUTTON
OF PROPERTY TAX LEVIES AND ASSESSMENTS ~ THE TEETER PLAN ~
WHEREAS, the Board of Supervisors has determined it is in
the public interest to implement the provisions of the alterna-
tive method of distribution of property tax levies and assess-
ments (the uP.lan°) in accordance with Chapter 3 (commencing with
Section 4701) of Part $ of the Division 1 of the Revenue and
Taxation Code of the State of California; and
WHEREAS, the Board of Supervisors has determined that an ap-
propriate method to finance the implementation of the Plan is
through a loan from the Workers Compensation Insurance Reserve
Fund;
NOW, THEREFORE BE TT RESOLVED, that the Treasurer Tax Col-
lector and the Auditor Controller are directed to transfer
$ 2,000,000.00 from the Workers Compensation Insurance Reserve
Fund to the Apportioned Tax Resources Fund for the purposes of
implementing the Plan.
The amount transferred shall constiture.a loan, such loan to
bear interest at the rate earned by the County Treasury and such
interest to be paid quarterly. The principal amount of the loan
shall be repaid in such manner as the Board of Supervisors may in
the future direct.
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PASSED AND ADOPTED by the Butte County Board of Supervisors
this the 14th day of December, 1993 by the following votes:
AYES: Supervisors Meyer, DoJ.an, McLaughlin, `~homas and Chair Houx
NOES: None
ASSENT : None
NOT VOTING: None
MARY , Chairman, utte County
Board o Supervisors
ATTEST:
JOHN BLACKLOCK, Chi
and C1er of the B
By:
Administrative Officer
d of Supervisors
Carol Roach, Assistant Clerk