RESOLUTION NO. _____________

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

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RESOLUTION AUTHORIZING TEMPORARY TRANSFER OF AVAILABLE FUNDS TO COUNTY OPERATING FUNDS, THE SUPERINTENDENT OF SCHOOLS, COUNTY BOARD OF EDUCATION AND SCHOOL DISTRICTS

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

WHEREAS, this County, the County Superintendent of Schools and County Board of Education, and the school districts within the County experience a cash-flow problem subsequent to July 1, of each year; and

WHEREAS, unless funds are made available to County operating funds, school service funds and school district operating funds, said funds will realize a deficit and the ability of the County, the County Superintendent of Schools and the County Board of Education, and the school districts to meet their obligations in these areas would be impaired; and

WHEREAS, during the year there will be on deposit in other legally available funds amounts in excess of the needs of the County, the County Superintendent of Schools and County Board of Education and the school districts which amounts are not immediately needed for other purposes; and

WHEREAS, Government Code section 25252 provides that the Board of Supervisors may authorize the County Controller to transfer money from one fund to another; and

WHEREAS, Education Code Section 42620 provides that if a school district, or a county school service fund, prior to its receipt of funds, lacks sufficient money to meet its current expenses of maintenance, the Board of Supervisors shall order the temporary transfer of county funds to the school districts and the county school service fund in the amount needed, not to exceed 85 percent of the amount on money which will accrue to the school district or the county school service fund during the fiscal year; and

WHEREAS, this Board finds it necessary and desirable that there be temporarily transferred from available funds to the other funds above described, such amounts as needed until June 30, 2008.

NOW THEREFORE, IT IS HEREBY DETERMINED AND ORDERED

1. That the County Controller be, and he is hereby, authorized until June 30, 2008, to temporarily transfer such amounts from said available funds to the other funds above described provided such transfers of school amounts are limited in amount as described above.

2. That on or before June 30, 2008, the County Controller shall re-transfer any and all principal amounts from the funds to which the amounts were transferred back to the other funds from which the amounts were transferred.

3. That in addition to re-transferring to the appropriate funds the principal amounts transferred therefrom pursuant to this resolution, the County shall also deposit in each such appropriate fund an amount equivalent to the interest that would otherwise have been credited to the transferred funds had the temporary transfers not been made.

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