HomeMy WebLinkAboutres1984-0181
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INTRODUCED BY • Becker
PROPOSED BY: Public Works Dept.
DATE INTRODUCED: June 21, 1984
RESOLUTION NO. 84 -18
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. 84 -8 AND ESTABLISHING A FUND
THEREFOR.
WHEREAS, Pursuant to Resolution No. 84 -8 the County Executive submitted
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 $450,000. The County
acknowledges that repayment of said loan shall be in accordance with the provi-
sions of Article 8 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. Whatcom County
reserves the right to accelerate payments on principal and eliminate the
interest on any accelerated principal payments.
RESOLUTION - 1.
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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 84 -8.
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 Real Estate Excise Tax Capital
Improvement Fund in the amount of $75,000 plus 6.8% interest per annum, and the
contribution of Trillium Corporation in the amount of $375,000, plus 6.8%
interest per annum.
PASSED this 21st day of hire 1984.
WHATMM COUNTY COUNtNN
WH TC COUNTY S
Chairperso
ATTEST: -° -
C leek.. Q�f -th6 Counc 1l
APPROVED AS TO FORM:
Civil eputy osecut ng At orney
date drafted: May 7, 1984
RESOLUTION - 2.