HomeMy WebLinkAboutord1994-015P,
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WMTCOM COUNTY COUNCIL AGENDA BILL NO. 94 -14A
CLEARANCES
Initial
Date
at din. Council Office:
A enda date
Assigned to:
iginator. Administrative Services
Division Head:
S
2 -24-94
I.
MAR 2 199
HATCOM COUNTY
COUNCIL r
3/8/94
Council Intro
3/22/94
Finance /Council
Dept. Head:
Prosecutor.
rte/
2 -2 - S
Purchasing/Budget.,
Executive:
SUBJECT
Interfund loan authorization for courthouse completion.
ATTACHMENTS:
proposed ordinance
SUMMARY STATEMENT Please complete sections of box as appropriate & explain the item below.
Related County contract #: n a
Should Clerk schedule a hearing? NO X YES Requested date:
Amount budgeted for this item /project: $250,000
Is it or will it be within bud et? YES x NO Please explain below
Budget line item number(s): n a ,
This loan authorization request provides sufficient cash to bring the courthouse project to substantial completion,
v,;*hin current appropriation levels.
ORIGINATOR'S RECOMMENDED ACT70N.-
Approve Loan.
COMMITTEE ACTION TAKEN:
COUNCIL ACTION TAKEN
3/8/94: Intro.
3/22/94: Council adopted the ordinance. 7 -0.
Related File Numbers: Ordinance or Resolution Number (this item only):
Ord 94 -015
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Cthseln.ord INTRODUCED BY: consent
PROPOSED BY: Admin.Svs.
DATE: February 24, 1994
ORDINANCE NO. 94 -015
INTERFUND LOAN AUTHORIZATION
FOR COURTHOUSE COMPLETION
WHEREAS, the appropriation authorization for the Courthouse Construction
Fund, anticipates $250,000 in interfund proceeds from the Current Expense Fund; and
WHEREAS, the County Council withdrew this Current Expense Contribution in
the 1994 adopted budget; and
WHEREAS, the current budget plan for reaching substantial completion of the
Courthouse requires an additional $250,000 in cash;
NOW, THEREFORE, BE IT ORDAINED by the Whatcom County Council that
a loan shall be made available from the Equipment Rental and Revolving Fund (fund #
501) to the Courthouse Expansion Fund (fund # 327) in the amount of $250,000 at a
rate of 4% annual interest, compounded monthly, to be repaid annually over three years
with payment dates of May 15th, 1995, 1996 and 1997 Each payment shall be $83,333.33
in principal, plus accrued interest from the date of last payment. Repayment shall be
made from the Current Expense Fund. The County Treasurer is hereby authorized to
transfer the cash from the ER &R fund to the Courthouse Expansion Fund immediately.
ADOPTED this 22nd day of March , 1994.
WHATCOM COUNTY COUNCIL
ATTEST: WHATCOM COUNTY, WASHINGTON
9��L . - A 2--
amoua Reeves, Council Clerk
APPRO D AS TO FORM:
Civil Deputy Prosecutor
a
Robert f, Chairman
V Approved ( ) Denied
v G
Shirley Van ZaAten, Exe ive
Date: .-?- 22--ty