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Committee approves authorizing an interfund loan to Eagle Trace special tax district for ~$600,000 project
Summary
Staff presented and the committee discussed a resolution to authorize an interfund loan to the Eagle Trace special tax district to fund road and drainage improvements estimated at about $600,000, amortized over 15 years at 4.63% and repaid from district tax bills.
County staff presented a resolution to approve and authorize an interfund loan to the Eagle Trace special tax district, following the ordinance that created the district last month. Engineering estimated the project's cost at approximately $600,000; staff said the loan would be amortized over 15 years at an interest rate of 4.63% and repaid from tax bills generated within the district.
A committee member asked procedural questions and county staff said smaller loans like this are often funded internally because the private market has limited appetite for small loans. Staff referenced a similar treatment for the Arcadia Shore Special Tax District as precedent.
The item proceeded with staff recommendation to fund internally; committee discussion did not record a formal roll-call vote in the transcript.
