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Consider approving the First Amendment to a 2015 agreement between the County of Solano and the Collinsville Levee District for a loan to facilitate levee improvements by extending the loan maturity date from June 30, 2017 to June 30, 2020 for the remaining $5,245.19 balance
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Published Notice Required? Yes ____ No _X _
Public Hearing Required? Yes ____ No _X _
DEPARTMENTAL RECOMMENDATION:
The Department of Resource Management recommends that the Board of Supervisors consider approving the First Amendment to a 2015 agreement between the County of Solano and the Collinsville Levee District for a loan to facilitate levee improvements by extending the loan maturity date from June 30, 2017 to June 30, 2020 for the remaining $5,245.19 balance.
SUMMARY/DISCUSSION:
The original loan agreement (Attached) to the Collinsville Levee District for up to $50,000.00 was intended to assist the District in securing funding for levee repairs through the California Department of Water Resources (DWR) Levee Subventions Program. Critical repairs were necessary for a section of the levee directly protecting the Collinsville community that had become overgrown with vegetation and needed to be raised in height. Because DWR only reimburses for costs after work is completed, the District was in need of upfront funds to facilitate the work. The County's loan provided that bridge. The original agreement was approved by the Board on April 14, 2015.
The District was successful in receiving funds from the DWR program for FY2014/15 of $24,202 and for FY2015/16 of $33,380. Funds from the County's loan were utilized to upfront fund the repairs with a maximum loan balance realized of $48,294. DWR reimbursements and District fund balance have brought down the loan balance to $5,245.19. At this point the District is unable to pay the remaining balance under the current conditions of the loan by the June 30, 2017 maturity date.
The District has worked out a rep...
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