TO: Members of the Governing Board
FROM: Christopher Silke, District Engineer
REPORT BY: Annamaria Martinez, Assistant Engineer
SUBJECT: Approval of letter requesting the re-issuance and consolidation of two temporary loans from Napa County totaling $1,625,000, and Adoption of a Resolution requesting the loan and authorizing the Chair to sign the Promissory Note
RECOMMENDATION
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Authorize a letter requesting the re-issuance and consolidation of two temporary loans from the County totaling $1,625,000 and adopt a Resolution requesting the loan and authorizing execution of the Promissory Note, pursuant to Government Code Section 25214.4. (Fiscal Impact: $1,625,000 Revenue and Expense, Budgeted, Discretionary)
[4/5 vote required]
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BACKGROUND
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.
Government Code section 25214.4 authorizes Napa County to loan funds to NBRID with a term of up to three years after the end of the fiscal year in which the loan is made, with a 4/5 vote of the Board of Supervisors.
NBRID currently has five active loans from Napa County totaling $3,839,634. The loans include:
Loan No. 1 for $869,000 and Loan No. 2 for $625,000, which are the result of the consolidation of five smaller loans issued between 2008 and 2012 used to fund capital projects and operations and maintenance activities, Loan No. 4 for $1,000,000 which is an original loan from 2021 used to fund operation and maintenance; Loan No. 5 for $345,634 which is an original loan from 2022 used to supplement funding for a capital project, and Loan No. 6 for $1,000,000 which is an original loan from 2023 used to fund operations and maintenance activities.
Loan No. 1
On May 7, 2013 two loans we...
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