Title
a. Authorize the Agricultural Commissioner to execute, on behalf of the County of Monterey, an Agreement with Clearwater Equities LLC to recover an Unclaimed Asset (“Funds”) in the approximate amount of $13,400 to which the County appears to be entitled; and
b. Authorize Agricultural Commissioner to execute Limited and Specific Power of Attorney to Clearwater Equities LLC substantially similar to Sample Limited and Specific Power of Attorney and to execute all necessary forms and documents and to provide any supporting documents necessary to collect said Unclaimed Asset (“Funds”) on behalf of the County of Monterey.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Authorize the Agricultural Commissioner to execute, on behalf of the County of Monterey, an Agreement with Clearwater Equities LLC to recover an Unclaimed Asset (“Funds”) in the approximate amount of $13,400 to which the County appears to be entitled; and
b. Authorize Agricultural Commissioner to execute Limited and Specific Power of Attorney to Clearwater Equities LLC substantially similar to Sample Limited and Specific Power of Attorney and to execute all necessary forms and documents and to provide any supporting documents necessary to collect said Unclaimed Asset (“Funds”) on behalf of the County of Monterey.
SUMMARY/DISCUSSION:
Clearwater Equities LLC (hereafter, CEQ) is a Colorado Limited Liability Company headquartered in Littleton, Colorado, which researches and locates unclaimed funds. Clearwater Equities has located and notified the Monterey County Agricultural Commissioner (MCAC) of an Unclaimed Asset (“Funds”) in the approximate amount of $13,400.00 which are being held in the form of unclaimed, uncashed, dormant Funds or unpaid balances to which MCAC appears to be entitled. On or about March 19, 2018, CEQ notified MCAC of said unclaimed funds which CEQ will recover for a 25% fee of the amount recovered. No fee is due to CEQ unless funds are recovered. Attempts by the County to locate the source of the Unclaimed Funds have been unsuccessful. A proposed Agreement and Limited and Specific Power of Attorney were transmitted to MCAC by CEQ on or about March 9, 2018. A follow-up letter was received on or about April 10, 2018. A revised Agreement was received on or about April 24, 2018.
OTHER AGENCY INVOLVEMENT:
The Office of the County Counsel has reviewed the proposed Agreement and Sample Limited and Specific Power of Attorney as to form and legality.
FINANCING:
Sufficient revenues and appropriations for the Agreement are available in the FY 2017-18 Adopted Budget. The proposed Agreement provides for a 25% fee of the amount recovered.
BOARD OF SUPERVISORS STRATEGIC INITIATIVES:
__Economic Development
x Administration
__Health & Human Services
__Infrastructure
__Public Safety
Prepared by:
Sheila Salazar, Finance Manager, 759-7381
Approved by:
Henry Gonzales, Agricultural Commissioner, 759-7325
Attachments:
Board Report
Attachment 1: CEQ Follow-Up Letter dated April 10 and Proposed Agreement dated April 24, 2018.
Attachment 2: CEQ Sample Limited and Specific POA