DATE: August 20, 2019
TO: Board of Supervisors
SUBMITTED BY: Steven E. White, Director
Department of Public Works and Planning
Jean M. Rousseau, County Administrative Officer
SUBJECT: Decrease Juvenile Justice Campus Appropriations and Preliminary Earmark 2006 Tobacco Bond Proceeds for Sheriff's Area 2 Substation
RECOMMENDED ACTION(S):
TITLE
Adopt Budget Resolution:
a. Decreasing appropriations for Fund 0400 Capital Projects - Juvenile Justice Campus Org 8830 in the amount of $128,374.99 from the proceeds of Tobacco Settlement Asset-Backed Bonds, Subordinate Series 2006 (2006 Tobacco Securitization Bonds), currently on deposit in the County's Endowment Fund, that were originally committed for a Juvenile Justice Campus Waste Water Treatment Plant Lift Station Screen project (the WWTP Project), and cancelling such amount originally committed for the WWTP Project; and
b. Preliminarily earmarking proceeds of 2006 Tobacco Securitization Bonds, currently on deposit in the County's Endowment Fund, in the amount of $1,082,938.64 for a portion of the cost of the Sheriff's Area 2 Substation.
REPORT
Approval of the recommended action will (a) approve the proposed cancellation of unused 2006 Tobacco Securitization Bond proceeds ($128,374.99), originally committed to the Juvenile Justice Campus WWTP Project, and (b) preliminarily earmark remaining 2006 Tobacco Securitization Bond proceeds ($1,082,938.64, i.e., the unused $128,374.99 plus $954,563.65) for the Sheriff's Area 2 Substation project. This item is countywide.
ALTERNATIVE ACTION(S):
The Board can choose not to approve the recommended action; however, the Board would need to identify an alternate qualifying capital project for the unused 2006 Tobacco Securitization Bond proceeds ($128,374.99), and identify an alternative funding source to address the potential Substation funding shortfall and direct the Department of Public Works and Planning staff to return with the necessary recommended actions.
FI...
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