COUNTY OF SAN MATEO

ENVIRONMENTAL SERVICES AGENCY

Date:

October 4, 2001

Set Time:

9:15 a.m.

Hearing Date:

October 23, 2001

To:

Honorable Board of Supervisors

From:

Marcia Raines, Director of Environmental Services

Subject:

Consideration of a Resolution Authorizing the Execution of a Joint Exercise of Powers Agreement with the ABAG Finance Authority for Nonprofit Corporations.

RECOMMENDATION

1.

Adopt a resolution authorizing the execution of a Joint Exercise of Powers Agreement with the ABAG Finance Authority for Nonprofit Corporations and appointing the County's representatives to the Governing Board.

2.

Designate Supervisor Mike Nevin, President of the Board of Supervisors, as the County's representative to the Governing Board.

BACKGROUND

In 1990, the ABAG Finance Authority for Nonprofit Corporations was created through a Joint Powers Agreement. The purpose of the Authority is to assist nonprofit corporations and other entities to obtain financing to develop projects serving the public interest. The Authority issues revenue bonds to finance projects. San Mateo County has not joined the Authority.

DISCUSSION

A developer, JSM Enterprises, has requested the issuance of revenue bonds by the Authority to finance construction of the Colma BART Station apartments in unincorporated Colma. In order to receive the bond revenue, San Mateo County needs to join the Joint Powers Authority.

FISCAL IMPACT

No net County cost.

ATTACHMENT

A.

Resolution