DATE: December 13, 2016
TO: Board of Supervisors
SUBMITTED BY: Oscar J Garcia, CPA
Auditor-Controller/Treasurer-Tax Collector
SUBJECT: Cash Advance Agreement between County of Fresno, County of Tulare and San Joaquin Valley Insurance Authority for its cash flow needs
RECOMMENDED ACTION(S):
TITLE
1. Adopt a Resolution authorizing (a) the advance of cash up to the amount of an additional $3,000,000 from the County of Fresno General Fund to the San Joaquin Valley Insurance Authority (SJVIA) until June 30, 2017, as needed, and the request to be repaid by the SJVIA not later than December 30, 2021, to assist the SJVIA in managing its cash flow;
2. Adopt a Resolution authorizing the decrease in the FY 2016-17 General Fund unassigned fund balance in the amount of $3,000,000, and a corresponding increase in FY 2016-17 General Fund, SJVIA Cash Advance Receivable, to fund the County of Fresno's cash advance to the SJVIA (4/5 vote); and
3. Approve and authorize Chairman to execute amended Agreement between County of Fresno and SJVIA for Cash Advances and Repayment of Cash Advances, increasing total authorized loan amount to $5,000,000, an increase of $3,000,000, and extending the term of repayment, by an additional four years from 12/30/2017 to 12/30/2021.
REPORT
This Agenda Item recommends that the County of Fresno (Fresno) make available and may advance up to an additional $3,000,000 to the SJVIA until June 30, 2017, as needed, and that the original Cash Advances and Repayment of Cash Advances Agreement (Agreement) be amended to reflect the increase in total authorized loan amount ($5,000,000) and to be repaid by the SJVIA not later than December 30, 2021, and extension of the original term of loan by an additional four years, to assist the SJVIA in managing its cash flow.
The first recommended action is a temporary mechanism that would authorize Fresno to advance up to $3,000,000 to the SJVIA until June 30, 2017, as needed by the SJVIA, and request the SJVIA's ...
Click here for full text