DATE: June 20, 2017
TO: Board of Supervisors
SUBMITTED BY: Steven E, White, Director
Department of Public Works & Planning
SUBJECT: County Service Area 34A Revolving Fund Loan
RECOMMENDED ACTION(S):
TITLE
Approve and authorize the Chairman to execute a Resolution of the Board of Supervisors Approving and Establishing Repayment Terms for a $300,000 Disbursement from the County Service Area Revolving Fund to the Funds of County Service Area No. 34, Zone A (Brighton Crest) ($300,000).
REPORT
The recommended action would approve and authorize a disbursement of $300,000 from the County Service Area Revolving Fund to County Service Area No. 34 (CSA 34), Zone A (CSA 34A), to be repaid, with interest, over a period of 10 years from CSA 34A funds.
ALTERNATIVE ACTION(S):
Staff has not identified a viable alternative action.
FISCAL IMPACT:
There is no Net County Cost associated with the recommended actions. All costs for the administration of the revolving fund disbursement, and to prepare this agenda item, are paid by the benefitted properties within CSA 34A. The current fees and assessments that were approved by the CSA 34A property owners and levied by the Board of Supervisors on March 15, 2016, provide the revenue necessary to repay the revolving fund disbursement, with interest, over a period of 10 years and to satisfy other requirements of the County of Fresno Policy for Use of the County Service Area Revolving Fund (Policy). CSA 34A would repay the disbursement, with interest, in quarterly payments.
DISCUSSION:
The Board formed CSA 34A in 1989 to provide community water and wastewater services, street sweeping and street lighting services for the development of "Brighton Crest," which consists of 442 acres lying on the south side of Millerton Road (shown on Exhibit A-Map).
CSA 34A has experienced financial instability for the past several years, primarily due to several equipment failures.
On March 15, 2013 a high voltage electrical line serving the...
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