Title
Response to Board Referral No. 2021.07:
a. Adopt a resolution expressing interest in participating in a viability study to establish a Central Coast Public Bank encompassing the counties of Santa Cruz, Monterey, San Benito, San Luis Obispo, and Santa Barbara; and
b. Provide direction to staff.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Adopt a resolution expressing interest in participating in a viability study to establish a Central Coast Public Bank encompassing the counties of Santa Cruz, Monterey, San Benito, San Luis Obispo, and Santa Barbara; and
b. Provide direction to staff.
SUMMARY:
On April 20, 2021, Supervisor Alejo submitted Board Referral No. 2021.07, "Expression of Interest in A Viability Study to Establish a Central Coast Public Bank." This report responds to the board referral and includes a resolution expressing interest in participating in a viability study to establish a Central Coast Public Bank encompassing the counties of Santa Cruz, Monterey, San Benito, San Luis Obispo, and Santa Barbara. The Santa Cruz County Board of Supervisors is taking the lead on developing funding for a viability study for a Central Coast Public Bank and is seeking expressions of interest from public agencies in participating in such a study. Once the interest of various Central Coast agencies in participating in a viability study of a public bank can be determined, a financial plan to fund the viability study with equitable contributions from involved agencies can be developed to be considered by the potential participants. Monterey County has not allocated appropriations for the funding of a public bank feasibility study, nor does the resolution earmark any funding.
Assembly Bill 857, adopted by the California Legislature in 2019, permits local governments to form and operate public banks. Cities and counties such as San Francisco, Los Angeles, and San Diego have investigated the feasibility of forming public banks using a...
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