HomeMy WebLinkAboutord2009-049 2009 - 262
WHATCOM COUNTY COUNCIL AGENDA BILL NO.
CLEARANCES Initial Date Date Received in Council Office Agenda Date Assigned to:
Originator: f� E C H ; V E 3 5 / 26 / 09 Introduction
Division Head: 1111 L� V 6 / 9 / 09 Finance / Council
Dept Head:
MAY 19 2009
Prosecutor: �p J &- c � HATCO i COUNTY
'' �v ` COUNCIL
Purchasing/Budget: f 374A,
Executive: o.04
TITLE OF DOCUM T:
AN ORDINANCE AUTHORIZING AN INTERFUND LOAN FOR THE PURCHASE THE CENTRAL
PLAZA BUILDING
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 $ 1 ,500,000 loan at 3 % from the Whatcom County Equipment Rental and Revolving
Fund to the General Fund. The loan proceeds will be used to purchase the Central Plaza Building at 215 North
Commercial Street, Bellingham, Washington.
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COMMITTEE ACTION: COUNCIL ACTION:
6 / 09 / 2009 : Forwarded to Council for approval 5 / 26 / 2009 : Introduced
6 / 09 / 2009 : Council Adopted 7 -0
Ord . 2009 - 049
Related County Contract #: Related File Numbers: Ordinance or Resolution Number:
Ord . 2009 -049 .
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. 2009-049
6 AN ORDINANCE AUTHORIZING AN INTERFUND LOAN
7 FOR THE PURCHASE OF CENTRAL PLAZA BUILDING
8
9 WHEREAS, the Whatcom County Council has determined it is in the best interest of the
10 citizens of Whatcom County to purchase the Central Plaza Building, 215 North Commercial Street,
11 Bellingham, Washington.
13 WHEREAS, the Whatcom County Equipment Rental and Revolving Fund (ER&R Fund)
14 has sufficient cash reserves to extend the loan through July 1 , 2012 ; and,
15 .
16 WHEREAS, the county wishes to delay issuing bonds until bond markets stabilize and
17 interest rates available for county investments return to traditional levels ; and
18
19 WHEREAS, it is the intent of the Whatcom County Council to issue general obligation
20 bonds to finance a portion of the purchase within three years ; and,
21
22 WHEREAS, on an interim basis, it is in the best interest of Whatcom County to finance the
23 building purchase utilizing an interf and loan from the ER&R Fund. . . . .
24
25 NOW, THEREFORE, BE IT ORDAINED by the Whatcom County Council that a loan
26 shall be made from the ER&R Fund (fund #501 ) to the General Fund (fund #001 ) in the amount of
27 $ 1 , 500,000 at a rate of 3 % annual interest. Payments of interest and principal based on a 15 year
28 amortization shall be made annually. Repayment in full shall be made from the issue of general
29 obligation bonds or other financing sources and/or funds available for capital purposes on or before
30 July 1 , 2012 . The County Treasurer is hereby authorized to transfer the cash from the ER&R Fund
31 to the General Fund immediately:
32 ``ont tints Iij,,,,
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33 1‘‘,‘„‘"A t fly 9th day of June 2009.
34 ;•`= J•.• �1HATC�.vQ %
35 ; O :0 COUN ' ; r ; WHATCOM COUNTY COUNCIL
36 F. S _ WHATCO CO 1■ Y, WASHINGTON
37 _ . _ r . _ l /
38 "e ! /
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39 19ana.t3 is Sir ►'. 1, CstTncil Clerk if lee, od, Council Chair
40 .lo , * .F ```%:
41 APPit 0 v,F,,p A.Sttl� orm : ( pproyed ( ) Denied
43 ��.5
J c )4,‘ •tc.
44 Randall J. Watts - e Kremen, Executive
45 Chief Civil Deputy Prosecutor
Date : ‘449 .
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