HomeMy WebLinkAboutord1995-026WHATCOM COUNTY COUNCIL AGENDA BILL
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CLEARANCES
Initial
Date
Date Received in Council Office:
Agenda date
Assigned to:
1,,
Originator: ADS
4/18/9
25
r ; ; -.
4/25/95
Council Introduction
Division Head:
APR 095
APR
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Finance Council.
Dept. Head:
°WS
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Prosecutor:
Lf. i ,
Purchasing/Budget:
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Executive:
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SUBJECT:
Interfund Loan Authorization for Courthouse Settlement
ATTACHMENTS.
Ordinance
SUMMARY STATEMENT.•
Related Countv contract #:
Please complete sections of box as appropi
Should Clerk schedule a hearing? NO / x / YES /
& explain the item belox
date:
This ordinance authorizes the loan of $2,045,365 from the Whatcom County Road Fund to the Courthouse Expansio
Fund to fulfill an agreement made to compensate contractors for additional costs related to the Courthouse Constructio
2roject. The loan has an annual rate of interest of 4% and is to be repaid, out of Current Expense or other financin
sources with accrued interest on or before January 1, 1997.
ORIGINATOR'S RECOMMENDED ACTION:
Pass
COMMITTEE ACTION TAKEN:
COUNCIL ACTION TAKEN.
`125/95: Council introduction.
4/95: Council adopted the ordinance. 6 -1 with Brenner opposed
Related File Numbers: Ordinance or Resolution Number (this item only):
�i S
INTRODUCED BY: Co n s e n t
PROPOSED BY: Administrative Svcs.
DATE: 4/25/95
ORDINANCE NO. 9 5 — 0 2 6
7 INTERFUND LOAN AUTHORIZATION
8 FOR COURTHOUSE SETTLEMENT
9
10
11 WHEREAS, an agreement has been made to compensate contractors $1,905,365, including applicable
12 sales tax, for additional costs related to the Courthouse Construction project; and
13
14 WHEREAS, the Tort Fund advanced $140,000 for costs related to closing out the Courthouse
15 Construction Project and negotiating a settlement with the courthouse contractors; and
16
17 WHEREAS, there is insufficient money in the Courthouse Construction Fund to pay for the settlement
18 costs and reimburse the Tort Fund; and
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20 WHEREAS, the deadline for payment of the settlement is May 23, 1995; and
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22 WHEREAS, it is in the best interest of Whatcom County to finance the settlement costs on a interim basis
23 using an interfund loan;
24
25 NOW, THEREFORE, BE IT ORDAINED by the Whatcom County Council that a loan shall be made
26 from the Whatcom County Road Fund (fund #108) to the Courthouse Expansion Fund (fund #327) in the
27 amount of $2,045,365 at a rate of 4% annual interest, compounded annually to be repaid with accrued
28 interest on or before January 1, 1997. Repayment shall be made from the Current Expense Fund or other
29 financing sources and or funds available for capital purposes. The County Treasurer is hereby authorized
30 to transfer the cash from the Road Fund to the Courthouse. Expansion Fund immediately.
31
32 ADOPTED the 9th day of May , 1995
33
34 WHATCOM COUNTY COUNCIL
35 WHATCOM COUNTY, WASHINGTON
36
37 ATTEST:
38,'-�
40
41 Daffy —Hr n- Davis; Couic Clerk
42
43 APPROVED AS TO FORM:
44
45
46 Civil p Prosecutor
47
V,JJ-----0ZJ-'J
Robert Imho , Chairm
(.Approved () Denied
itA-
Shirley Van ten, Exe ve
Date: 5'