COMPLETED BOARD ORDER�"�?57
Before the Board of Supervisors in and for the
County of Monterey, State of California
Budget No: 10/11 010
Approve a request from the North County Recreation
and Park District for dry period loan of $130,000 for
the Fiscal Year ended June 30, 2011.
Upon motion of Supervisor Potter, seconded by Supervisor Armenta, and carried by those
members present, the Board hereby:
Approved a request from the North County Recreation and Park District for dry period loan of
$130,000 for the Fiscal Year ended June 30, 2011.
PASSED AND ADOPTED this 27th day of July, 2010, by the following vote, to wit:
AYES: Supervisors Armenta, Calcagno, Salinas, Parker, Potter
NOES: None
ABSENT: None
I, Gail T. Borkowski, Clerk of the Board of Supervisors of the County of Monterey, State of California, hereby
certify that the foregoing is a true copy of an original order of said Board of Supervisors duly made and entered in
the minutes thereof of Minute Book 75 for the meeting on July 27, 2010.
Dated: July 29, 2010 Gail T. Borkowski, Clerk of the Board of Supervisors
County of Monterey, State of California
By Z.
Deputy
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SIGNED BOARD REPORTX��"�AMONTEREY COUNTY BOARD OF SUPERVISORS
MEETING: July 27, 2010 CONSENT AGENDA NO.: S
SUBJECT: Approve a request from the North County Recreation and Park District for dry
period loan of $130,000.00 for the Fiscal Year ended June 30, 2011
DEPARTMENT:
RECOMMENDATION:
It is recommended that the Board of Supervisors approve the attached dry period loan request
from the North County Recreation and Park District in the amount of $130,000.00 for the Fiscal
Year ended June 30, 2011.
SUMMARY:
Dry Period Loan requests are submitted by qualified special districts to meet current operating
expenses and cash flow needs during the periods of time between property tax payment receipts.
DISCUSSION:
The North County Recreation and Park District has requested a temporary transfer of funds
pursuant to the California Constitution, Article 16, Section 6. The attached request will enable
the North County Recreation and Park District to meet current operating expenses pending
receipt of property tax payments. The funds advanced may only be used to meet maintenance
and operational expenses. No part of this loan may be invested. The amount advanced will be
repaid with interest at a rate equivalent to the average rate of return currently earned on deposits
in the County Treasury.
FINANCING:
The County Treasurer has certified that sufficient funds are available in the County Treasury to
finance the requested advance. The Auditor-Controller has certified that anticipated revenue in
Fiscal Year 2010-11 will be sufficient to repay the temporary loan. There is no impact to the
County's General Fund.
Prepared by: Apyfroved by: \ j,,
Jill aucom Alfred R. Frie
Auditor-Controller Analyst Assistant Audito Controller
Date: 6 2 9 f Date: 0 11 1( O
Attachments: Special District Resolution
Request and Certification for Temporary Transfer of Funds
Board Order
cc: Lou Solton, Treasurer-Tax Collector
Rosie Pando, Assistant CAO
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ATTACHMENTS�X��"�CRESOLUTION 10-0609.3
DRY PERIOD LOAN
FOR FISCAL YEAR 2010/2011
Whereas, the Board of Directors of the North County Recreation and Park District find that,
until its tax revenue is received, it will not have sufficient funds to pay its obligations incurred
for maintenance custody of the treasurer of the County of Monterey and are paid out solely
through his office;
Now therefore be it resolved that, pursuant to Article 13, Section 25 of the California
Constitution, the treasurer of the County of Monterey to make a temporary transfer to said
district, from the funds in his custody, in the sum of $130,000, which is necessary to provide
funds for meeting obligations incurred for the following maintenance purposes by said district,
to-wit;
Be it further resolved that, General Manager, Judy Burditt, is authorized and directed to make
and sign a request for said transfer and to send a copy of the resolution to the County Treasurer.
Upon motion of Director Graham, Seconded by Director Miskell, the foregoing resolution is
adopted this ninth day of June 2010 by the following vote:
AYES: 4 Directors: Smith-Jones, Graham, Miskell, Hernandez
NOES: 0
ABSENT: 1 Director Jones
ABSTAIN:
Chair's Certificate
I HEREBY CERTIFY that on June 9, 2010 I was the chairman and custodian of the records and
files of the above named district that the foregoing and annexed resolution is a full, true and
correct copy of a resolution duly passed by the governing board of said district at a regular
meeting thereof duly held on June 9, 2010 and that said resolution has not been modified,
rescinded or superseded, and is still in full force and effect.
WITNESS my hand this tenth day of June 2010.
Cindy Smith= nes, Chair
\\Ncserver\judy\WINWORD\Resolutn\10-06093 DryPeriod loan.DOC
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ATTACHMENTS�X��"�CREQUEST AND CERTIFICATION FOR TEMPORARY TRANSFER OF FUNDS
As allowed by California Constitution, Article 16, Section 6)
To the Board of Supervisors
County of Monterey
Salinas, California
The governing board of the North County Recreation and Park District hereby requests a
temporary transfer of funds to the general fund of the aforementioned agency in the
amount of $130,000 to be used for maintenance and operation purposes. No part of
this loan will be invested, if granted. It is understood and agreed that this loan will bear
interest at a rate equivalent to the average rate currently earned on deposits in the County
Treasurer.
FISCAL YEAR ENDED JUNE 30, 2011
1. Budgeted Maintenance Operations Expenditures:
a. Salaries and Benefits $355471
b. Services and Supplies 254381
Total Budgeted Expenditures $609852
elle
Agen Representative
CERTIFICATION BY COUNTY AUDITOR-CONTROLLER
Anticipated Revenue
a. Taxes 9-34 fs5'
b. Money and Property l~L
c. Aid from Other Agencies
d. Charges for Current Services
e. Other Revenue
f. Total Anticipated Revenue 3Qf, 2./
g. Less Revenue received to date
h. Total revenue not received
Amount available for Transfer 85% of line h)
MICHAEL J. MILLER, Auditor-Controller
By: C7-, e- 4__~
CERTIFICATION BY COUNTY TREASURER
Sufficient funds are available in the County Treasury to effect this transfer.
LOUIS G. SOLTON, Treasurer
By:
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