To: Board of Supervisors
From: Treasurer/Tax Collector
Agenda Section: Consent
SUBJECT:
title
Appointment of Board Of Directors - Humboldt County Public Property Leasing Corporation
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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 2019 calendar year, and for 2020:
Bruce Rupp
Greg Bowen
Daniel Sweet
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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, the HCPPLC then facilitated refinancing of those initial COP's, then aided in financing COP's issued in 1994, 1996, 2003 and 2004. The 2003 and 2004 COP's were then refinanced in July of 2012 along with financing money for new Capital Improvement Projects including seismic retrofits for various county buildings, new airport hangers, and a new Juvenile Hall facility. The most recent action done in conjunction with the HCPPLC was in June of 2016 when an Interim Period Financing plan was established whereby the county treasury pool purchased debt securities from the county on an as-needed basis which provided cost effective financing for ongoing and new county projects. The Treasurer-Tax Collector serves as staff liaison to the HCPPLC.
All principle and interest owed to the treasury pool by the county as agreed upon through the 2016 Interim Period Financing Plan was approved for payoff by the Board of Supervisors on Dec. 10, 2019 and will thereby terminated.
The county and HCPPLC are currently planning on a new Interim Period Financing plan to be established in early 2020 to facilita...
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