HomeMy WebLinkAboutord1997-030WHATCOM COUNTY COUNCIL AGENDA BILL
NO. 97 -208
CLEARANCES
Initial
Date
Date Received in Council Office:
Agenda date
Assigned to:
Originator: Executive
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�A k1 ,y L Y n . 8 f 997
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WNATOOM COUNTY
COUNTY
COUNCIL
6/3/97
6/17/97
Intro
Finance
Division Head:
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Dept. Head:
Prosecutor:
Purchasin ud et:
f`7
Executive:
SUBJECT.
A proposed Ordinance Authorizing an Interfund Loan for the Purchase of the Civic Center Building.
ATTACHMENTS:
Ordinance
SUMMARY STATEMENT:
Please complete sections of box as appropriate & explain the item below.
Related County contract #: I Should Clerk schedule a hearing? NO /X_/ YES/ / R uested date:
This provides interim financing to purchase the Civic Center building for $3,262,000 (plus tax and closing costs).
$2,330,000 of these costs will be provided through this loan from the Road Fund at an interest rate of 4.5% to be
repaid by December 31, 1998. Repayment shall be made from the issue of general obligation bonds or other
financing sources and/or funds available for capital purposes.
ORIGINATOR'S RECOMMENDED ACTION:
Pass
COMMITTEE ACTION TAKEN.
COUNCIL ACTION TAKEN.
1997 -208 6/3/97: Introduced
6/17/97: Adopted 6 - 1, Brenner opposed. Ord. #97 -030
�MC!hC4C�C�
Related File Numbers: Ordinance or Resolution Number (this item only) :
Dr-b .0, C�7-OZP
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Amended 6/17/97
INTRODUCED BY: Consent
PROPOSED BY: Executive
DATE: June 3, 1997
ORDINANCE NO. 97 -o3o
AN ORDINANCE AUTHORIZING AN INTERFUND LOAN
FOR THE PURCHASE OF THE CIVIC CENTER BUILDING
WHEREAS, the Whatcom County Council has determined it is in the best interest of the
citizens of Whatcom County to purchase the Civic Center Building to centralize County services in
the civic center area; and,
WHEREAS, the Whatcom County Road Fund has sufficient Cash Reserves to extend the
loan through December 31, 1998; and,
WHEREAS, it is the intent of the Whatcom. County Council to issue general obligation
bonds to finance a portion of the purchase within eighteen months; and,
WHEREAS, on an interim basis, it is in the best interest of Whatcom County to finance the
building purchase utilizing an interfund loan from the County Road Fund.
NOW, THEREFORE, BE IT ORDAINED by the Whatcom County Council that a loan
shall be made from the Whatcom County Road Fund (fund #108) to the General Fund (fund #001)
in the amount of $2,530,000 at a rate of 4.5% annual interest, compounded annually to be repaid
with accrued interest on or before December 31, 1998. Repayment shall be made from the issue of
general obligation bonds or other financing sources and/or funds available for capital purposes. The
County Treasurer is hereby authorized to transfer the cash from the Road Fund to the General Fund
immediately.
ADOPTED this 17 day of June , 1997.
33 , ATTEST: -- ;
34 . �?
35 11 n_ t
36 Dana -Brawn Davis; Coui��iiiC -lark
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38 APPROVED as to form:
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401 -lltr-
42 Randall J. Watt
43 Chief Civil Deputy 'Prosecutor
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WHATCOM COUNTY COUNCIL
WHATCOM COUNTY, WASHINGTON
and Nelson, Co ncil Chair
Approved () Denied
Pete Kremen, Executive
Date: ; - 1� 7