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Loan of Funds to Tehama County Public Works - Senior Planner Fox
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Requested Action(s)
recommendation
a) Approve a short-term loan in the amount of $188,775.00 from the Local Transportation Fund (LTF) reserves administered by the Tehama County Transportation Commission (TCTC) to the Tehama County Public Works (TCPW) Road Fund.
b) Authorize TCTC to staff to prepare, execute, and process all necessary interagency agreements, fund transfer documents, and supporting paperwork required to facilitate the disbursement and tracking of the loaned funds in accordance with the terms set forth in the Interagency Cooperative Agreement between TCTC and TCPW once approved by counsel.
c) Approve the formal fund transfer from the Local Transportation Fund (LTF) reserves to the Tehama County Public Works Road Fund, and direct staff to coordinate with the Tehama County Auditor's Office and all relevant departments to ensure timely execution and compliance with agreement's repayment schedule and accounting requirements.
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Financial Impact:
Approval of this action will result in the temporary transfer of $188,775.00 from the Local Transportation Fund (LTF) reserves to the Tehama County Public Works Road Fund. These funds will be used to address local match shortfalls for the Park Fire Hazard Tree Removal Project, which is being implemented under an agreement with the Resource Conservation District of Tehama County (RCDTC).
The loan will be issued as a no-interest, short-term obligation, to be repaid by Tehama County Public Works in accordance with a mutually agreed-upon repayment schedule. Repayment is required in full no later than June 30, 2029, unless otherwise amended. There is no net loss to the LTF reserves anticipated over the life of the agreement.
This financial action is intended to support critical emergency recovery and public safety efforts while preserving the integrity of the regional transportation funding program.
Background Information:
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