Title
Adopt a Resolution:
a. Approving a request from the Resource Conservation District of Monterey County ("District") for a dry period loan ("Dry Period Loan") of $100,000 for the Fiscal Year ending June 30, 2020, for meeting the District's obligations incurred for maintenance purposes; and
b. Approving and authorizing execution by the County Auditor-Controller of a Temporary Transfer of Funds Agreement with the District, setting forth the terms and conditions of repayment of the dry period loan in the amount of $100,000 for the Fiscal Year ending June 30, 2020; and
c. Authorizing the County Auditor-Controller and County Treasurer-Tax Collector to implement the temporary transfer of funds to the District in the amount of $100,000 for the Fiscal Year ending June 30, 2020.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors adopt a Resolution
a. Approving a request from the Resource Conservation District of Monterey County ("District") for a dry period loan ("Dry Period Loan") of $100,000 for the Fiscal Year ending June 30, 2020, for meeting the District's obligations incurred for maintenance purposes; and
b. Approving and authorizing execution by the County Auditor-Controller of a Temporary Transfer of Funds Agreement with the District, setting forth the terms and conditions of repayment of the dry period loan in the amount of $100,000 for the Fiscal Year ending June 30, 2020; and
c. Authorizing the County Auditor-Controller and County Treasurer-Tax Collector to implement the temporary transfer of funds to the District in the amount of $100,000 for the Fiscal Year ending June 30, 2020.
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 and/or grant reimbursement receipts. The Resource Conservation District of Monterey County ("District"), in conjunction with the County Auditor-Controller and Count...
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