County considers bond sale stopgap

Calaveras County officials on Tuesday will consider whether to join a statewide program that allows local governments to sell bonds to compensate for property taxes state officials are planning to use to help close California’s billion-dollar budget hole.

The county stands to get $1.5 million back in borrowed funds — including $78,000 for roads and $29,000 for county fire services — an “immediate cash relief” that will “help with cash flow, said Lynette Norfolk, county treasurer-tax collector.
 

Under a bill passed by the Legislature during this year’s budget talks, the state will borrow 8 percent of property tax revenue from all cities, counties and special districts in the state, according to a staff report.    

While the legislation requires repayment of those debts plus interest by 2013, a subsequent bill passed by the State Senate allows local governments to “securitize” those debts — sell bonds in order to more rapidly recoup the funds.

The state would bear all interest and issuance costs incurred in the process.

The process has been approved already by governing bodies up and down the state.

“I wouldn’t expect our board to be any different,” said Norfolk.

Four public hearings on relatively routine land use applications are also on the board’s agenda: one to start an agricultural preserve, two to rezone properties and one to green light the Copperopolis Fire Protection District’s expansion plans.

All four are recommended for approval by staff from either the Agriculture Department, which referred the first item, or the Planning Commission, which was responsible for the others.

The board is also scheduled to consider sending three letters of support — two for local causes, one for a water project.

One would urge Gov. Arnold Schwarzenegger to save from the ax three dozen oaks and a single redwood slated to be felled for a modernization project at the Altaville Cal Fire station.

The plans have spurred a burgeoning local opposition movement.

A second would support bringing the National Empowerment Center’s “Alternative Conference” to Angels Camp in October 2010, an event that typically has 700 to 1,000 attendees, according to George Frye, who has been pushing the matter during his run for a seat on the city council.

The third would back the Calaveras County Water District’s plans for infrastructure and environmental restoration work at the New Hogan Dam and Reservoir, which aims to address dwindling groundwater supplies.

In the closed session, the board will discuss appointing a successor to County Administrative Officer Bob Lawton, who announced earlier this month that he will resign in January.