To: Board of Supervisors
From: Treasurer/Tax Collector
Agenda Section: Consent
SUBJECT:
title
Appointment of Board of Directors - Humboldt County Leasing Corporation
end
RECOMMENDATION(S):
Recommendation
That the Board of Supervisors:
1. Appoint the following individuals as Directors of the Humboldt County Public Property Leasing Corporation (HCPPLC) effective this date for the remainder of the 2020 calendar year, and for 2021:
Daniel Sweet - President
Bruce Rupp - Secretary
Greg Bowen - Treasurer
Body
SOURCE OF FUNDING:
N/A
DISCUSSION:
The HCPPLC is a Non-Profit Public Benefit Corporation established in 1985 which holds title to county financed property and thereby keeps that property exempt from property taxes. Initially established for the issuance of Certificates of Participation (COP) for construction of the Sheriff and District Attorney offices, and for the purchase of heavy equipment for the Department of Public Works, the HCPPLC then facilitated refinancing of those initial COP's, financed COP's issued in 1994, 1996, 2003 and 2004; and then refinanced the 2003 and 2004 COP's in July of 2012 along with financing new Capital Improvement Projects including seismic retrofits for various county buildings, new airport hangers, and a new Juvenile Hall facility. In June of 2016 the county and HCPPLC established an interim period financing mechanism through the county treasury pool which helped facilitate more cost-effective financing to help develop county campuses where like functions are grouped together for better public service. The 2016 Finance Plan was terminated in early 2020 and a new 2020 Interim Period Lease Finance plan was approved by your Board on June 2, 2020. The corporation is necessary to support previously established financing commitments, as well as to help facilitate future financing. The Treasurer-Tax Collector serves as staff liaison.
Daniel Sweet, Bruce Rupp, and Greg Bowen have agreed to cont...
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