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Montecito Sanitary District directs staff to formalize $1.15M emergency fund and seek $1M credit line
Summary
The board voted unanimously to begin formalizing an Emergency Fund of $1,150,000 and to pursue an additional $1,000,000 line of credit to bolster the district's financial resilience. Staff were directed to initiate the necessary steps.
The Montecito Sanitary District Board voted on March 25 to direct staff to initiate steps to formalize a new Emergency Fund of $1,150,000 and to pursue an additional $1,000,000 in a line of credit.
The motion, made by Director Newquist and seconded by Director Barrett, passed with AYES: Directors Barrett, Johnson, Newquist, Ohlmann and Rockenbach; NAYES: none. The motion text recorded in the minutes states the dollar amounts explicitly: "formalize a new Emergency fund of $1,150,000 and an additional $1,000,000 in a line of credit." Staff were not given further funding instructions at the March 25 meeting beyond initiating the formalization and credit steps.
Board members characterized the action as a proactive financial resilience measure to ensure the district can respond to emergencies without immediate special assessments. The minutes do not identify funding sources or a timetable for when the funds would be deposited; those details were left to staff action and follow-up reporting.
District staff will return with implementation steps in committee or at a subsequent meeting as appropriate.
