HomeMy WebLinkAboutord2006-033WHATCOM COUNTY COUNCIL AGENDA BILL No. 2006-299
CLEARANCES
Initial
Date
Date Received in Council Office
Agenda Date
Assigned to:
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Intro
Originator:
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Finance
Division Head:
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Council
Dept. Head:
Prosecutor:
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Purchasiu ud t:
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TITLE bFDOdUMENT. Interfund Loan for Interim Financing of the "atcom County Interim Jail and
Alternative Corrections Center
ATTACHMENTS. Ordinance
SEPA review required? ( ) Yes ( X ) NO
Should Clerk schedule a hearing? ( ) Yes ( X ) NO
SEPA review completed? ( ) Yes ( X ) NO
Requested Date:
SUMMARYSTATEMENT 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 requests that a loan be made from the "atcom County General Fund to the "atcom
County Interim Jail and Alternative Corrections Center Construction Fund in the amount of $2,260,000.
COMMITTEEACTION.
COUNCIL ACTION:
7/11/06: Introduced
7/25/06: Forwarded to Council for approval
7/25/06: Council Adopted 6 -0, McShane absent
Ord. 2006 -033
Related County Contract #:
Related File Numbers:
Ordinance or Resolution
Number. Ord. 2006 -033
Please Note: Once adopted and signed, ordinances and resolutions are available for viewing and printing
on the Coun 's website at: www co.wliatcom.wa.us/counciL
INTRODUCED BY: Consent
PROPOSED BY: County Executive
DATE: July 11,2006
ORDINANCE NO. 2006 -033
AN ORDINANCE AUTHORIZING AN INTERFUND LOAN
FOR INTERIM FINANCING OF THE WHATCOM COUNTY
COUNTY INTERIM JAIL AND ALTERNATIVE CORRECTIONS CENTER
WHEREAS, the Whatcom County Council has approved the construction of the Whatcom County
Interim Jail and Alternative Corrections Center (Corrections Center); and,
WHEREAS, $2,260,000 of the funding for the Corrections Center is projected to be contributed
by the cities within Whatcom County pursuant to the proposed County City Jail Investment program and,
WHEREAS, the interlocal agreements between Whatcom County and the Cities are in the
process of being approved and executed, and
WHEREAS, interim financing is necessary to complete the Corrections Center;
NOW, THEREFORE, BE IT ORDAINED by the Whatcom County Council that a loan shall be
made from the Whatcom County General Fund (fund 1) to the Whatcom County Interim Jail and
Alternative Correction Center Construction Fund (fund 333) in the amount of $2,260,000 at a rate of 3%
annual interest compounded annually, with payment of accrued interest plus principal due on or before
July 1 st 2007. Repayment shall be made from contributions from Cities participating in the County City
Jail Investment program. In the event one or more cities elect not to participate in the County City Jail
Investment program the loan will be repaid from Whatcom County Jail fund (fund 118) or the loan will be
conve b i4449g of the county council to capital contribution from the Whatcom County General Fund
c c o
�T day of July , 2006.
o CpUN7Y 0� ;
V WHATCOM COUNTY COUNCIL
4 WHATCOM COUNTY, WASHINGTON
Brew ,Davis, C — cil Clerk
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FORM:
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Civil Deputy Pr a utor
GK' Le--o
Laurie C ey- Schreiber, Chair
{ APPR Laurie
( ) NOT APPROVED
Pete emen, Executive
Date:
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