HomeMy WebLinkAboutord2012-026 WHATCOM COUNTY COUNCIL AGENDA BILL NO, AB2012- 198
CLEARANCES Initial Date Date Received in Council Office Agenda Date Assigned to:
bb 05/24/12
Originator: J f 6 / 5 / 2012 Introduction
1!
bb 05/24/12 L Finance Comm/
Division Head: MAY Council
Dept. Head: MAY 2 9 . 2012
Prosecutor: WHATCOM COUNTY
Purchasing/Budget: a/at z- U Nv I L
Executive: /
TITLE OF DOC i ' ' :
AN ORDINANCE THORIZING AN INTERFUND LOAN TO CONTINUE FINANCING OF CENTRAL
PLAZA BUILDING
ATTACHMENTS:
Proposed Ordinance
Memo
SEPA review required? ( ) Yes ( x ) NO Should Clerk schedule a hearing? ( ) Yes ( x ) NO
SEPA review completed? ( ) Yes ( x ) 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.)
This ordinance authorizes a $ 1 ,233 ,668 loan at 1 % from the Whatcom County Equipment Rental and Revolving
Fund (ER&R) to the General Fund. The loan continues financing of the Central Plaza Building from ER&R for
an additional three years.
COMMITTEE ACTION: COUNCIL ACTION:
6 / 19 / 2012 : Forwarded to Council for approval 6 / 05 / 2012 : Introduced
6 / 19 / 2012 : Council Adopted 6-0 , Knutzen
absent Ord . 2012- 026
Related County Contract #: Related File Numbers: Ordinance or Resolution Number:
Ord . 2012- 026
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
1 INTRODUCED BY : Consent
2 PROPOSED BY: Executive
3 DATE: June 5 , 2012
4
5 ORDINANCE NO. 2012-026
6 AN ORDINANCE AUTHORIZING AN INTERFUND LOAN
7 TO CONTINUE FINANCING OF CENTRAL PLAZA BUILDING
8
9 WHEREAS, the Whatcom County purchased the Central Plaza Building, 215 North
10 Commercial Street, Bellingham, Washington in 2009 ; and
11
12 WHEREAS, the Whatcom County Council authorized an interfund loan from the Whatcom
13 County Equipment Rental and Replacement Fund (ER&R Fund) to finance the purchase with
14 ordinance 2009-049; and
15
16 WHEREAS, the interfund loan becomes due July 1 , 2012 ; and
17
18 WHEREAS, the ER&R Fund has sufficient cash reserves to extend the loan through July 1 ,
19 2015 ; and
20
21 WHEREAS, the county wishes to delay issuing bonds until interest rates available for county
22 investments return to traditional levels ; and
23
24 WHEREAS, Whatcom County' s average rate of return on investments in the first quarter of
25 2012 was 0 . 83 %; and
26
27 WHEREAS, the balance of the interfund loan on July 1 , 2012 will be $ 1 ,233 ,668 ; and
28
29 WHEREAS, on an interim basis, it is in the best interest of Whatcom County to continue to
30 finance the Central Plaza debt utilizing an interfund loan from the ER&R Fund.
31
32 NOW, THEREFORE, BE IT ORDAINED by the Whatcom County Council that a loan
33 shall be made from the ER&R Fund (fund #501 ) to the General Fund (fund #001 ) in the amount of
34 $ 1 ,233 ,668 at a rate of 1 % annual interest. Payments of $ 124,000 including interest and principal
35 shall be made annually on July 1st. Repayment in full shall be made from the issue of general
36 obligation bonds or other financing sources and/or funds available for capital purposes on or before
37 July 1 , ;QJ f tiiis ► i,,,
38 .( C O O�''� ,,
39 =.z`'�� �O tYI>� Y day of June , 2012 .
40 • ..-
41 S ®: o CaUN • r- WHATCOM COUNTY COUNCIL
42 r _ _ • s' * WHATCOM COUNTY, WASHINGTON
43 -1:t1ii 44 streat � li►
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45 Dai Brovvtl'Davfs,5ou$icil Clerk Kathy Kershner, Council Chair
/S9 iit*i ���`, „•∎•% .
1
2 APPROVED as to form: Ockpproved ( ) Denied
3 � 4 4
5 Karen Frakes Jac o ws, Execut ve
6 Senior Deputy II Date : G / a /
7