OFFICE OF THE CLERK
OF THE BOARD OF SUPERVISORS

REGULAR AGENDA REQUEST
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MEETING DATE December 5, 2017
Departments: CAO, Finance
TIME REQUIRED 10 minutes (5 minute presentation; 5 minute discussion) PERSONS APPEARING BEFORE THE BOARD Leslie Chapman, Janet Dutcher
SUBJECT Resolution Superseding and Replacing Resolution R15-81, Creating a Revolving Loan Fund for the Purchase of Deed-Restricted Housing, to Remove Subordination to the Town of Mammoth Lake's Revolving Loan Fund
AGENDA DESCRIPTION:

(A brief general description of what the Board will hear, discuss, consider, or act upon)

Resolution R15-81 authorized the creation of Mono County's revolving loan fund (RLF) to facilitate the purchase of deed-restricted properties by Mammoth Lakes Housing (MLH).  The original resolution restricted the timing of these loans to disburse only after the Town of Mammoth Lakes (TOML) RLF had been exhausted.  The proposed Resolution removes this restriction, allowing the disbursement of loans without regard to the funding status of the TOML's RLF.

RECOMMENDED ACTION:
Adopt proposed Resolution R17-__, Superseding and replacing Resolution 15-81 to remove subordination to the Town of Mammoth Lakes Revolving Loan Fund.
FISCAL IMPACT:
Removing this restriction will allow Mammoth Lakes Housing to exercise an option on December 7 to purchase a deed-restricted home valued at approximately $190,000.
CONTACT NAME: Janet Dutcher
PHONE/EMAIL: 7609325494 / jdutcher@mono.ca.gov
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MINUTE ORDER REQUESTED:
YES NO
ATTACHMENTS:
Click to download
Staff report
Proposed Resolution
Resolution R15-81
  History
  Time Who Approval
  11/30/2017 6:11 AM County Administrative Office Yes
  11/29/2017 2:42 PM County Counsel Yes
  11/29/2017 3:38 PM Finance Yes