HomeMy WebLinkAboutres1986-0336
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INTRODUCED BY: Ro eh 1
PROPOSED BY: Public Works Deat.
DATE INTRODUCED: 6 -19 -86
RESOLUTION NO. 86 -33
A RESOLUTION AUTHORIZING THE COUNTY EXECUTIVE
TO PREPARE AND ENTER INTO AN AGREEMENT WITH
THE WASHINGTON STATE COMMUNITY ECONOMIC
REVITALIZATION BOARD FOR FINANCING THE COST
OF PUBLIC FACILITIES AS DESIGNATED IN
RESOLUTION NO. 85 -50 AND ESTABLISHING A FUND
THEREFOR.
WHEREAS, Pursuant to Resolution No. 85 -50 the County Executive sub-
mitted a loan application to the Community Economic Revitalization Board (CERB)
for a low- interest loan to provide for the development of Kellogg and Woods
roads; and
WHEREAS, CERB has reviewed and approved the County's loan application;
and
WHEREAS, to finalize said loan it is necessary for the County to for-
mally accedpt the loan and to execute an agreement with CERB.
NOW, THEREFORE, BE IT RESOLVED as follows:
Section 1.
The Whatcom County Council hereby accepts the offer.of a loan from the
Community Economic Revitalization Board in the amount of $2,583,539. The County
acknowledges that repayment of said loan shall be in accordance with the provi-
sions of Article 9 of the General and Special Conditions to the final contract
and more particularly as follows: The first payment shall be made one year from
the date of first disbursement, which shall be considered the anniversary date.
Interest shall be at the rate of 6.8% per annum on the outstanding principal
balance. Repayment shall be over a 20 -year period with principal deferred for
the first two years, and equal annual principal installments, plus interest on
the outstanding principal balance, over the next 18 years. Installments shall
be in accordance with said final contract and Exhibit A -1, which is made a part
hereof as if set forth herein in full. Whatcom County reserves the right to
accelerate payments on principal and eli minate the interest on any accelerated
principal payments.
RESOLUTION - 1.
Date drafted: 6/9/86
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Section 2.
The County Executive of Whatcom County be and is hereby authorized to
execute, on behalf of Whatcom County, an agreement with the Community Economic
Revitalization Board for the purpose of securing financing for the cost of the
public facilities described in Resolution 85 -50.
Section 3.
This obligation shall be considered as a legal general obligation of
Whatcom County and Whatcom County hereby pledges its full faith and credit to
the payment thereof.
Section 4.
Whatcom County shall establish a separate fund to be known as the
Community Economic Revitalization Board (or CERB) Fund. There shall be suf-
ficient moneys placed in this fund to meet the above - detailed repayment sche-
dule. The sources of payment shall be the annual contribution of The Trillium
Corporation in the annual amount set forth in Exhibit A -1 for a total amount of
$2,583,539 plus 6.8% per annum and the second source of payment (if needed)
shall be the Real Estate Excise Tax Capital Improvement Fund. The Trillium
Corporation security is provided for under real property security agreement in
the form of first deeds of trust for 125% of the total $2,583,539 loan.
PASSED this 19th day of J1,ne 1986.
W TCOM COUNTY
HAT M COUNTY W HI G ;N
n
ATTEST:
&'
Clerk of the CoUndil
APPROVED AS TO FORM:
t "'7
I a� I � cAt
Ovil Deputy cute g Attorney
RESOLUTION - 2.
date drafted: 6/9/86
Chairp
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