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HomeMy WebLinkAboutord1996-062WFIATCOM COUNTY COUNCIL AGENDA BILL NO. 96 -412 CLEARANCES Initial Date Date Received in Council Office: Agenda date Assigned to: Originator: Executive ' i If V E v "i II NeI V 2 O 1996+ p ,t WHAT OM COV Nl COUNCIL 11/26/96 .i�y71 Division Head: 12/10/96 Finance / Council Dept. Head: 1 I Prosecutor: I l) / Purchasing/Budget: `jL Executive: SUBJECT: AN ORDINANCE AMENDING ORDINANCE 95 -026 "AN ORDINANCE AUTHORIZING A INTERFUND LOAN FOR COURTHOUSE SETTLEMENT" ATTACHMENTS: Proposed Ordinance Backup material (Memorandum) SUMMARYSTATEMENT: Related County contract #: Please complete sections of box as appropriate & explain the item below. Should Clerk schedule a hearing? NO /X / YES / / Requested date: This proposed ordinance amends the date of repayment for a loan made from the Whatcom County Road Fund to the "Ourthouse Expansion Fund, in the amount of $2,045,365, for the period of one additional year. ORIGINATOR'S RECOMMENDED ACTION.• Pass COMMITTEE ACTION TAKEN: COUNCIL ACTION TAKEN: 1996-412 11/26/96: Introduced 12/10/96: Adopted 5 - 2, Brown and Brenner opposed. Ord. #4 062 Related File Numbers: Ordinance or Resolution Number (this item only): ©(� jk 9( - moa INTRODUCED BY: Consent PROPOSED BY: Executive DATE: November 26, 1996 1 2 ORDINANCE NO. g6-n62 3 AN ORDINANCE AMENDING ORDINANCE 95 -026 4 "AN ORDINANCE AUTHORIZING A INTERFUND LOAN 5 FOR COURTHOUSE SETTLEMENT" 6 7 WHEREAS, ordinance 95 -026 authorized an interf end loan from the Whatcom County Road 8 Fund (Fund #108) to the Court House Expansion Fund (fund #327) in the amount of $2,045,365, due 9 and payable on January 1, 1997, and 10 11 WHEREAS, the Whatcom County Road Fund has sufficient Cash Reserves to extend the 12 loan through January 1, 1998. 13 14 NOW THEREFORE BE IT ORDAINED by the Whatcom County Council that ordinance 15 95 -026 shall be amended as follows: 16 17 "NOW, THEREFORE, BE IT ORDAINED by the Whatcom County 18 Council that a loan shall be made from the Whatcom County Road Fund (fund #108) 19 to the Courthouse Expansion Fund (fund #327) in the amount of $2,045,365 at a rate 20 of 4% annual interest, compounded annually to be repaid with accrued interest on or 21 before January 1, 4997 L Repayment shall be made from the Current Expense 22 Fund or other financing sourc 23 County Treasurer is hereby au tho 24 Courthouse Expansion Fund I 25 10th 26 ADOPTED this day of 27 28 29 ATTEST: 30 31 32 33 Dara gown- Davis, ounce Clerk 34 35 APPROVED as to form: 36 37 39 Randall J. Watt 4 0 Chief Civil Deputy Prosecutor 41 es and or funds available for capital purposes. The rized to transfer the cash from the Road Fund to the mmediately." December 1996. WHATCOM COUNTY COUNCIL WHATCOM COUNTY, WASHINGTON r L. Ward Nelson, Cou cil Chair ( pproved ( ) Denied ";e�'t5e Kremen, Executive Date: �v� V'?- �6 Page 1