HomeMy WebLinkAboutord2009-048 WHATCOM COUNTY COUNCIL AGENDA BILL NO. 2009 - 261
CLEARANCES Initial Date Date Received in Council Office Agenda Date Assigned to:
Originator: CD 5 / 26 / 09 Introduction
Division Head: 6 / 9 / 09 Finance / Council
. MAY t 9 2009
Dept. Head:
Prosecutor: PCN-A 6 ) / f-f c IV H A C O M COUNTY _
COUNCIL
Purchasing/Budget: p s/'e/69
Executive: 1 $/1/o9
TITLE OF DOCUME T: .
AN ORDINANCE AUTHORIZING AN INTERFUND LOAN FOR THE PURCHASE 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: .
SUM- ARY STATEMENT OR LEGAL NOTICE LANGUAGE: (If this item is an ordinance or requires a public
heari g, you must provide the language for use in the required public notice. Be specific and cite RCW or WCC as appropriate. Be
clea in explaining the intent of the action)
Thi ordinance authorizes an $ 1 , 100,000 loan at 3 % from the Whatcom County Equipment Rental and Revolving
. Fun to the General Fund. The loan proceeds will be used to purchase and install an new Assessor Treasurer
soft are system.
COMMITTEE ACTION: COUNCIL ACTION:
. / 09 / 2009 : Forwarded to Council for approval 5 / 26 / 2009 : Introduced
6 / 09 / 2009 : Council Adopted 7 - 0 ( Substitute
version ) Ord . 2009 -048
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i
Related County Contract #: Related File Numbers: Ordinance or Resolution Number:
Ord . 2009-048
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 9, 2009
4
5 ORDINANCE NO. 2009-048
6 AN ORDINANCE AUTHORIZING AN INTERFUND LOAN
7 FOR THE PURCHASE OF ASSESSOR TREASURER SYSTEM
8
9 WHEREAS, the Whatcom County Council has determined it is in the best interest of the
10 citizens of Whatcom County to replace the county' s Assessor Treasurer Software System.
11
12 WHEREAS, the Whatcom County Equipment Rental and Revolving Fund (ER&R Fund)
13 has sufficient cash reserves to extend the loan through July 1 , 2012 ; and,
14
15 WHEREAS, the county wishes to delay issuing bonds until bond markets stabilize and
16 interest rates available for county investments return to traditional levels; and
17
18 WHEREAS, it is the intent of the Whatcom County Council to issue general obligation
19 bonds to finance a portion of the purchase within three years; and,
20
21 WHEREAS, on an interim basis, it is in the best interest of Whatcom County to finance the
22 purchase utilizing an interfund loan from the ER&R Fund.
23
24 NOW, THEREFORE, BE IT ORDAINED by the Whatcom County Council that a loan
25 shall be made from the ER&R Fund (fund #501 ) to the General Fund (fund #001 ) in the amount of
26 $ 1 , 100,000 at a rate of 3 % annual interest. Payments of interest only shall be made in 2010,
27 thereafter payments of interest and principal based on a 10 year amortization shall be made annually.
28 Repayment in full shall be made from the issue of general obligation bonds or other financing
29 sources and/or funds available for capital purposes on or before July 1 , 2012 . The County Treasurer
30 is hereby authorized to transfer the cash from the ER&R Fund to the General Fund immediately.
31
32 %kDOP''FBDOis 9th day of June , 2009 .
33 ;� ' # `( C 0 19 ;%
34 �.� .j� Ar • ;'Y WHATCOM COUNTY COUNCIL
35 �" '�:' • ,�,� . e : - % WHATCOM COUN , , W A SHINGTON
• . •J • va
36 . .t • • t " . A /'i.6 zee
38 Yana. 30 a 'ibsoun _ Clerk ? : Fleetwo . , Council Chair
39 •• •1SHING4c • ••
s
40 APPROV$D a.s' fo forV Approved ( ) Denied
41 h <- �.
42
1
43
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44 Randall J. 't atts Pet i e Kremen, Executive
45 Chief Civil Deputy rosecutor
Signed : $3/4