RESOLUTION NO. _____________

BOARD OF SUPERVISORS, COUNTY OF SAN MATEO, STATE OF CALIFORNIA

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RESOLUTION AUTHORIZING LOAN OF AVAILABLE FUNDS TO THE WOODSIDE FIRE PROTECTION DISTRICT

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

WHEREAS, Government Code section 23010(a) permits the County, pursuant to a resolution adopted by the Board of Supervisors, to lend any of its available funds to any fire protection district located wholly within the county, if its funds are or when available will be in the custody of the county or any officer of the county, in order to enable the district to perform its functions and meet its obligations;

WHEREAS, section 23010(a) requires that the loan not exceed 85 percent of the district's anticipated revenue for the fiscal year in which it is made or for the next ensuing fiscal year, and shall be repaid out of that revenue prior to the payment of any other obligation of the district;

WHEREAS, the Board has received a request from the Woodside Fire Protection District for a loan in the amount of $1,500,000 to enable the district to perform its functions and meet its obligations;

NOW THEREFORE, IT IS HEREBY DETERMINED AND ORDERED

1. That the County Controller is hereby authorized to transfer the amount of $1,500,000 to the account of the Woodside Fire Protection District effective November 16, 2006.

2. That the Woodside Fire Protection District shall repay the entire amount of the loan from the property tax revenue that it receives from the County on or about December 16, 2006, prior to the payment of any other obligation of the district.

3. That in addition to repaying the loan, the District shall pay interest on all funds borrowed from the County at the same rate that the county applies to funds of the district on deposit with the County

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