HomeMy WebLinkAboutres1985-0471
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
INTRODUCED BY: Becker
PROPOSED BY: Public Works Dept.
DATE INTRODUCED: 9 -19 -85
RESOLUTION NO. 85 -47
A RESOLUTION AMENDING RESOLUTION NO. 84 -39, PASSED
THE 1ST DAY OF NOVEMBER 1984 IN THE MATTER OF REPAYMENT
OF THE COMMUNITY ECONOMIC REVITALIZATION BOARD LOAN.
WHEREAS, Resolution No. 84 -39 was passed on November 1, 1984 amending
the total Community Economic Revitalization Board loan amount of-`$544,448; and
WHEREAS, it is necessary to amend the terms of repayment of said loan;
NOW, THEREFORE, BE IT RESOLVED that all of the terms as set forth in
the resolution, passed on November 1, 1984 remain in full force and effect unles
specifically amended in this resolution; and
BE IT FURTHER RESOLVED, that all other terms and conditions of the
original agreements between Whatcom County and the Community Economic
Revitalization Board, and between Whatcom County and The Trillium Corporation.,
except as previously amended by resolution, shall remain in full foce and effec
unless specifically amended herein; and
BE IT FURTHER RESOLVED, that Section 1 of Resolution No. 84 -39 be
amended to read as follows:
Section 1.
The Whatcom County Council hereby accepts the offer of a loan fro
the Community Economic Revitalization Board in the original amoun
of $450,000 plus the additional amount of $94,448 increasing the
total amount of the loan to $544,448. The County acknowledges
that the repayment of said loan shall be in accordance with
Article & 9 of the General and Special Conditions to the final
contract and amendments thereto; 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 outstandin
principal balance. Repayment shall be over a 20 -year period with
Resolution - 1.
Date drafted: 9/13/85
1
2
8
4
.5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
principal deferred for the first two years, and equal annual
pr4e4pa4- installments, 91-ee 4ntepesi: ee 4he WtStandiRq PMnEipa
` !aRee; over the next 18 years to include principal plus interes
on the outstanding balance. Whatcom County reserves the right to
accelerate payments on principal and eliminate the interest on an
accelerated principal payments.
PASSED this 19th day of September, 1985.
WHATCOM COUNTY COUNCIL
WHATCOM COUNTY, WASHINGTOa
ATTEST: `
Carol Ebergson
Clerk of the Council
APPROVED AS TO FORM:
Riaridall J. W is -
Civil Deputy P cuting Attorney
Resolution - 2.
date drafted: 9/13/85
WILLIAM P. RO H
Chairperson