TO: Members of the Governing Board
FROM: Christopher Silke - District Engineer
REPORT BY: Annamaria Martinez - Assistant Engineer
SUBJECT: Consolidation of Two Outstanding Loans from Napa County into a New Loan
RECOMMENDATION
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Authorize a letter requesting consolidation of two outstanding loans from the County into a new loan totaling $1,214,634 for net zero total loans increase, adopt a Resolution requesting the loan and authorizing execution of the Promissory Note, and approve a Budget Amendment. (Fiscal Impact: Net Zero; Napa Berryessa Resort Improvement District Fund; Not Budgeted; Discretionary)
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BACKGROUND
Napa Berryessa Resort Improvement District (NBRID) is a special district of the State of California organized under the Resort Improvement District Law (Public Resources Code Section 13000 et seq.) for the provision of water and sewer service in an unincorporated portion of the County of Napa, which includes Unit 1 and 2 of the Berryessa Highlands and the Oakridge Estates.
NBRID currently has five active loans from Napa County totaling $5,000,000. The loans include: Loan No. 1 for $869,000 which is the result of the consolidation of two smaller loans issued between 2008 and 2012 used to fund capital projects and operations and maintenance activities; Loan No. 5 for $345,634 which is an original loan from 2022 used to supplement funding for a capital project, Loan No. 6 for $1,000,000 which is an original loan from 2023 used to fund operations and maintenance expenses, Loan No. 7 for $1,625,000 from 2024 which consolidated Loan No.2 (originally a consolidation of three smaller loans issued between 2008 and 2012) and Loan No. 4 (an original loan from 2021 used to fund operation and maintenance), and Loan No. 8 for $1,160,366 which is and original loan from 2024 used to fund operations and maintenance expenses and two small capital projects.
Loan No. 1
On May 7, 2013 two loans were consolidated into a principal amount of $869,000 and issued f...
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