HomeMy WebLinkAboutord2012-027 WHATCOM COUNTY COUNCIL AGENDA BILL NO. AB2012 - 199
CLEARANCES Initial Date Date Received in Council Office Agenda Date: . Assigned to:
Originator: 14 C/2t9n j E C E U V . ) 6 / 5 / 2012 - Introduction
Finance Comm/
Division Head: 6/7i/ 2 6 / 19 / 2012 Council
MAY 292012
Dept. Head:
WHATCOM COUNTY
Prosecutor: COUNCIL
Purchasing/Budget: 5 6 5/21/! ) 2'
Executive:
TITLE OF DO _ c t T:
AN ORDNANCE • THORIZING AN INTERFUND LQAN TO CONTINUE FINANCING OF ASSESSOR
TREASURER SYSTEM
ATTACHMENTS:
Proposed Ordinance
Memo
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.)
This ordinance authorizes a $905 ,214 loan at 1 % from the Whatcom County Equipment Rental and Revolving
Fund (ER&R) to the General Fund. The loan continues financing of the new Assessor Treasurer system 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 -027
Related County Contract #: Related File Numbers: Ordinance or Resolution Number:
Ord . 2012-027
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. 2012-027
6 AN ORDINANCE AUTHORIZING AN INTERFUND LOAN
7 TO CONTINUE FINANCING OF ASSESSOR TREASURER SYSTEM
8
9 WHEREAS, Whatcom County replaced the county' s Assessor Treasurer Software System
10 in 2009; and,
11
12 WHEREAS, the Whatcom County Council authorized an interfund loan from Whatcom
13 County Equipment Rental and Revolving Fund (ER&R Fund) to finance the new system with
14 ordinance 2009-048 ; 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 $905 ,214; and
28
29 WHEREAS, on an interim basis, it is in the best interest of Whatcom County to continue to
30 finance the new Assessor Treasurer Software 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 $905 ,214 at a rate of 1 % annual interest. Payments of $ 129,000 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 , 2015 .
38
1 ````� CUjt�ji� '19th day of June , 2012 .
2 ��� . . .(.�. • W ��'i
31 t • • ° NAT C0; • �j WHATCOM COUNTY COUNCIL
4 it u � _ WHATCOM COUNTY, WASHINGTON
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7` aeana Brgr StilayiscPounciftlerk Kathy Kershner, Council Chair
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8 % .41 . ."18 N HI . .
9 APFE.OVEIS M t foc;,�`�� 94 Approved ( ) Denied
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11 ' ',
12 At _ _ L _ is ---' 44 , ........
13 Karen Frakes Jack Lriuws xec tive
14 Senior Deputy II Date : 61.2.. , /,-
15