HomeMy WebLinkAboutres1981-051i
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(DATE: November 5. 1981
INTRODUCED BY
PROPOSED BY
RESOLUTION NO. 81 -51
Roehl
DID No. 31
A RESOLUTION OF THE COUNTY COUNCIL OF WHATCOM
COUNTY, WASHINGTON, FIXING THE INTEREST RATE
TO BE PAID ON INTERIM WARRANTS TO BE HEREAFTER
ISSUED BY CONSOLIDATED DRAINAGE IMPROVEMENT
DISTRICT NO. 31.
WHEREAS, the County Council of Whatcom County, Washington
has by Resolution 81 -13 ratified and approved the Johnson Creek
Watershed Improvement Project (the "Project") within Consolidated
Drainage Improvement District No. 31 (the "District ") and has
provided for the issuance of'interim warrants pending the issuance
of bonds of the District; and
WHEREAS, the County Council has by Resolution 81 -21 confirm-
ed the sale of interim financing warrants of the District to
Northwestern Commercial Bank (the "Bank ") in accordance with the
terms of the offer to purchase such warrants (the "Agreement ");
land
WIiEREAS, the County Council has heretofore authorized the
issuance of Warrant No. 1 in the aggregate principal amount of
$ 11,511.33 to the Bank at an initial interest rate of 8% per
annum; and
WHEREAS, in accordance with the Agreement the County has
received the written proposal of the Bank of an interest rate to
become effective for all warrants which were outstanding
September 1, 1981, and for all warrants issued after September 1,
1981; and
WHEREAS, the County Council has reviewed suth offer and has
heard the favorable recommendation of the District and finds such
offer acceptable;
NOW, THEREFORE, BE IT RESOLVED by the County Council of
Whatcom County, Washington, as follows:
RESOLUTION - 1.
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Section 1. The County Council hereby approves, ratifies, anc
confirms the written offer of Northwestern Commercial Bank of
11.7% as an interest rate to be borne on all outstanding
interim financing warrants of Drainage Improvement District No. 31;
and such rate shall apply to outstanding Warrant No. 1 from and
after its effective date, September 1, 1981, and to each warrant
hereafter issued from date of issue and shall continue in effect
until such rate may be changed in the manner provided in the
Agreement.
Section 2. The County Treasurer is hereby authorized to
endorse the rate approved herein on outstanding Warrant No. 1
in the manner provided herein.
Section 3. Resolution 81 -44 of the Council, to the extent
that it conflicts with any of the terms set forth herein is
hereby superseded and repealed.
ADOPTED this 5th day of November, 1981.
WHATCOM COUNTY COUNCIL
WHATCOM COUNTY, WASHINGTON
ATTEST: Joan Ogden
Auditor & Ex- officio
Clerk of the Council
Deputy
Shirley Va Zantell, Chair