HomeMy WebLinkAboutord2013-047 WHATCOM COUNTY COUNCIL AGENDA BILL NO. AB2013-256A
CLEARANCES Initial r Date Date Received in Council Office Agenda Date Assigned to:
Originator: tj� 61013 07/09/13 Intro
Division Head: R E C E E D 07/23/13 Finance
Dept.Head: f/,� -11111_, JUL 1 2013
Prosecutor: Ki _ WHATCOM COUNTY
Purchasing/Budget: II/ .�r�`. 7/i/i COUNCIL
Executive: *L11( (3
TITLE OF DONT:
An Ordinance Authorizing an Interfund Loan to Finance Cash Flow for the Nesset Farm Restoration Project
Fund.
ATTACHMENTS:
Ordinance
SEPA review required? ( ) Yes ( ) NO Should Clerk schedule a hearing? ( ) Yes ( ) NO
SEPA review completed? ( ) Yes ( ) NO Requested Date:
SUMMARY STATEMENT OR LEGAL NOTICE LANGUAGE: (If this item is an ordinance or requires a public
hearing,you must provide the language for use in the required public notice. Be specific and cite RCW or WCC as appropriate. Be
clear in explaining the intent of the action.)
The attached ordinance authorizes the Whatcom County Treasurer for make interfund loans for cash-flow
purposes from Real Estate Excise Tax Fund II to the Nesset Farm Restoration Project Fund for up to three years
and $100,000.
COMMITTEE ACTION: COUNCIL ACTION:
7/23/2013: Forwarded to Council for approval 7/09/2013: Introduced
7/23/2013: Council Adopted 4-2, Brenner &
Knutzen opposed and Kershner absent
Ord. 2013-047
Related County Contract#: Related File Numbers: Ordinance or Resolution Number:
Ord. 2013-047
Please Note: Once adopted and signed, ordinances and resolutions are available for viewing and printing on
the County's website at: www.co.whatcom.wa.us/council.
SPONSORED BY: Executive
PROPOSED BY: Executive
INTRODUCTION DATE: 07/09/13
ORDINANCE NO. 2013-047
AN ORDINANCE AUTHORIZING AN INTERFUND LOAN TO FINANCE CASH FLOW FOR
THE NESSET FARM RESTORATION PROJECT FUND
WHEREAS, Whatcom County Parks and Recreation will be overseeing various multi-year
restoration projects connected with the Nesset Farm, and
WHEREAS, these projects will be accounted for in a separate capital project fund, and
WHEREAS, funding for these projects will be on a cost reimbursement basis from the Nesset
Foundation, and
WHEREAS, from time to time, due to the processing time required to receive the
reimbursements, the Nesset Farm Restoration Project Fund will need a temporary loan for
cash-flow purposes, and
WHEREAS, the Real Estate Excise Tax Fund II (REET II) is an appropriate source to provide
cash-flow loans for park-related projects,
NOW, THEREFORE, BE IT ORDAINED by the Whatcom County Council: The Whatcom
County Treasurer is hereby authorized to make inter-fund loans from the REET II Fund to the
Nesset Farm Restoration Project Fund for cash-flow purposes. The loans shall not exceed
$100,000 and shall not be for a term exceeding three years. No interest shall be charged on
the loans.
BE IT FURTHER ORDAINED, a report of all new inter-fund loans from the REET II Fund will be
provided to the County Council annually.
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Dana rawly ' sr Cow c Clerk Kathy Kers ner hair of the Council
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APPRO ED AS Fes: 0\ pprov-. ) Denied
iv"'Deputy Prosecutor Jack Louw • xecutive
Date: ❑ 3