Resolution No. _____________

Board of Supervisors, County of San Mateo, State of California

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Resolution Authorizing Execution of an Agreement for a Loan to Help Fund the Construction of a New Well in County Service Area No. 11 - Pescadero Area

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RESOLVED, by the Board of Supervisors of the County of San Mateo, State of California, that

WHEREAS, the Board of Supervisors is the Governing Board of County Service Area No. 11 (CSA11); and

WHEREAS, CSA11 has been offered a grant from the United States Department of Agriculture (USDA) in the amount of $135,000 to partially fund the construction of a new well to serve CSA11; and

WHEREAS, it is estimated that an additional $165,000 will be needed to fund the new well; and

WHEREAS, the USDA requires that a source of any additional funds as may be necessary to fund the well be identified as a condition of receiving the grant; and

WHEREAS, the USDA further requires that if the source of the funds is a loan, that the term of the loan be not less than 40 years and that interest be not more than five percent (5%) per annum; and

WHEREAS, it is necessary and desirable that funds be advanced to CSA11 to finance the construction of the well; and

WHEREAS, there has been presented to this Board a form of Agreement that meets the terms of the USDA grant requirements, and this Board has considered same.

NOW THEREFORE, IT IS HEREBY DETERMINED AND ORDERED that the President of this Board of Supervisors be, and is hereby, authorized and directed to execute said Agreement which sets forth the terms and conditions of said loan for and on behalf of both CSA11 and the County and the signature of the Clerk of this Board shall attest thereto.

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