HomeMy WebLinkAboutres1995-015WHATCOM COUNTY COUNCIL AGENDA BILL NO.
95 -088
FARANCES
Initial
Date
Date Received in Council Office:
Agenda date
Assigned to:
:iator: Gordon Brow ning
Division Head:
M
1
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I FEB L1225__
14/95
Finance /council
Dept. Head: Barbara Cory
Prosecutor: Dan Gibson
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Purchasing/Budget:
Executive:
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SUBJECT. Vi!HATCOM COUNTY
Resolution authorizing the issuance of short-term obli @!t OMWl
ATTACHMENTS:
Resolution
Memo from Barbara Cory
SUMMARY STATEMENT. Please complete sections of box as appropriate & explain the item below.
Related County contract #: n/a
Should Clerk schedule a hearing? NO / x _/ YES / / Requested date:
Amount budgeted for this item/project: $ n/a
Is it (or will it be) within budget? YES /—x—/ NO /_/ (Please explain below)
Budget line item number(s): n/a
This resolution authorizes the issuance of short-term obligations as necessary to be current expenditure requests.
ORIGINATOR'S RECOMMENDED ACTION:
Treasurer recommends that the resolution be passed.
COMMITTEE ACTION TAKEN:
COUNCIL ACTION TAKEN•
2/14/95 Approved
RES. 95 -015
I SPONSORED BY: r,,,, .,P„fi
2 PROPOSED BY: Treasurer
3 INTRODUCTION DATE: 2 /14 / 95
4 RESOLUTION NO. 95 -015
5 TO AUTHORIZE THE ISSUANCE OF SHORT -TERM OBLIGATIONS
6 WHEREAS, from time to time, approved expenditure requests may temporarily exceed
7 the cash available to satisfy those requests; and
8 WHEREAS, it is in the best interest of Whatcom County to provide for payment of
9 expenses when due; and,
10 WHEREAS, R.C.W. 39.50.020 authorizes municipal corporations to issue short-term
11 obligations for any lawful purpose; and
12 WHEREAS, R.C.W. 39.50.010 defines short-term obligations to include warrants, notes
13 or other evidences of indebtedness; and
14 WHEREAS, R.C.W. 39.50.030 requires that issued short-term obligations shall be
15 authorized by ordinance (or resolution) of the governing body which ordinance (or resolution)
16 shall fix the maximum amount of which may be issued, the maximum term and interest rate or
17 rates to be borne thereby and the manner of sale and form; and
18 WHEREAS, R.C.W. 39.50.030 further provides that the ordinance or resolution may
19 authorize the county treasurer to act on its behalf and subject to the terms of the ordinance in
20 selling and delivering short-term obligations authorized and fixing the dates, price, interest rates
21 and other details as may be specified in the ordinance.
22 NOW, THEREFORE, BE IT RESOLVED by the Whatcom County Council that
23 short-term borrowings not to exceed $2,000,000 are hereby authorized. Such borrowings shall
24 bear an interest rate not to exceed the contractual rate previously negotiated under the banking
25 services contract presently in effect, and
26 BE IT FURTHER RESOLVED that short-term borrowings, if any, issued under the
27 terms of this resolution shall be repaid from revenues within 270 days from date of issuance, and
28 BE IT FURTHER RESOLVED that the Whatcom County Treasurer is hereby authorized
29 to act on behalf of Whatcom County, subject to the terms of this resolution, to negotiate the
30 terms, form and other details of the short-term borrowings issued under this resolution.
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31 APPROVED this
32
33 ATTEST:
14 day of Feb • , 1995.
34
35 Ramona Reeves, Council Clerk
36 APPROVED AS TO FORM:
3 7
38 Civil Deputy Prosecuting Attorney
WHATCOM COUNTY COUNCIL
WHATCOM COUNTY, WASHINGTON
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