HomeMy WebLinkAboutres1984-039a .y.
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INTRODUCED BY: ROEHL
PROPOSED BY: Publ
DATE INTRODUCED: 11 -1-
RESOLUTION NO. 84-39
A RESOLUTION IN THE MATTER OF AMENDING RESOLUTION
NO. 84 -18 PASSED THE 21ST DAY OF JUNE 1984, 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, AND AUTHORIZING INCREASE IN THE
CONTRACT BY AND BETWEEN WHATCOM COUNTY AND THE
WASHINGTON STATE COMMUNITY ECONOMIC REVITALIZATION
BOARD FOR PROJECT C 84 -25 FROM $450,000 TO $544,448.
R
WHEREAS, Resolution 84 -18 was passed on June 21, 1984 allowing the
Executive to accept the offer of a loan from the Community Economic
Revitalization Board; and
WHEREAS, pursuant to Resolution No. 84 -18, providing for a low- interes,
loan to provide financing for the development of Kellogg and Woods roads;. and
WHEREAS, it is deemed necessary, due to increase in estimated cost and
financing cost, to increase the loan by $94,448; and
WHEREAS, it is necessary to amend the resolution passed on June 21,
1984 in order to accept the increased loan.
NOW, THEREFORE, BE IT RESOLVED that all of the terms as set forth in
the resolution passed on June 21, 1984 shall remain in full force and effect
unless specifically amended in this resolution.
NOW, THEREFORE, BE IT FURTHER RESOLVED that Section 1 of the resolution
be amended to read:
Section 1.
The Whatcom County Council hereby accepts the offer of a loan from the
Community Economic Revitalization Board in the original amount 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 the provisions of Article 8 of the General and Special
Conditions to the final contract and amendments thereto; and more particularly
Resolution - 1.
Date drafted: October 25, 1984
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as follows: The first payment shall be made one year from the date of first
disbur sement, 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 reserve
the right to accelerate payments on principal and eliminate the interest on an
accelerated principal payments.
NOW, THEREFORE, BE IT FURTHER RESOLVED that Section 4 shall be amended
to read:
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 1469,448, plus 6.8%
interest per annum.
PASSED this 1st day of November, 1984.
W COM COUNTY COUNCIL ,�
W ATC COUNTYI &yfINa N
l
ATTE-STt
CTer-IC-of the Counc
APPROVED AS TO FORM:
v epu y r s cu torney
Resolution - 2.
date drafted: October 25, 1984
%.nnav n.
Chairper