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Home My WebLink Aboutord1993-020`WHATCOM COUNTY COUNCIL AGENDA BILL NOAB93 -126 CLEARANCES Initial Date Date Received in Council Office: Agenda date Assigned to: Originator Executive 1993 U "a�� COUNCIL 4/13/93 Introduction ivision Head: 4/27/93 Finance /Council Dept. Head: Prosecutor. �'� .. Purchasing /Budget Executive: K1� SUBJECT.- V An ordinance authorizing an interfund loan not to exceed $300,000 from the Whatcom County Equipment Rental Revolving Fund to the Whatcom County Conservation Futures Fund for the purpose of temporary funding for a land acquisition on Chuckanut Mountain. ATTACHMENTS: Ordinance SUMMARY STATEMENT.- Please complete sections of box as appropriate & explain the item below. Related County contract #: n a Should Clerk schedule a hearin . NO X YES Requested date: Amount budgeted for this item /project: $350,000 Is it or will it be within budget? YES X NO Please explain below Budget line item number(s): 17500 7320 ,Whatcom County's portion of the land acquisition will be $277175.00 ..',Is ordinance authorizes the Treasurer of Whatcom County to transfer an amount not to exceed $300,000 from We Equipment Rental and Revolving Fund to the Conservation Futures Fund to provide a cash balance for payment of Whatcom County's portion of the Chuckanut Mountain land acquisition cost. Although budget appropriation is in place for this expenditure, full collection of Conservation Futures Fund revenue will not occur until November 1993. This interfund loan is required to meet the cash flow requirements of the land acquisition. Repayment to the ERR fund will include interest at an annual rate of 6.5 percent. ORIGINATORS RECOMMENDED ACTION: Pass COMMITTEE ACTION TAKEN: COUNCIL ACTION TAKEN.- 4/13/93: Introduction 4/27/93: Council adopted the ordinance. 7 -0 A Related File Numbers. 9-6-- ,1:5 Ordinance or Resolution Number (this item only): 093 -020 SPONSORED BY: Consent PROPOSED BY: Executive INTRODUCTION DATE: 4.13/93 1 ORDINANCE NO. 93 -020 2 AN ORDINANCE AUTHORIZING AN INTERFUND LOAN 3 NOT TO EXCEED $300,000 FROM WHATCOM COUNTY EQUIPMENT RENTAL 4 REVOLVING FUND TO WHATCOM COUNTY CONSERVATION FUTURES 5 FUND FOR THE PURPOSE OF TEMPORARY FUNDING FOR 6 A LAND ACQUISITION ON CHUCKANUT MOUNTAIN 7 8 WHEREAS, the Whatcom County Equipment Rental and Revolving Fund has a 9 cash balance in excess of what is required to fund 1993 ERR operations; and, 10 11 WHEREAS, the Whatcom County Conservation Futures Fund has an inadequate 12 cash balance for payment of Whatcom County's portion of the Chuckanut Mountain land 13 acquisition cost; and, 14 15 WHEREAS, it appears to be in the best interest of the residents of Whatcom 16 County that the Equipment Rental and Revolving Fund lend funds to the Conservation 17 Futures Fund on a temporary basis on the terms specified herein. 18 19 NOW, THEREFORE, BE IT ORDAINED by the. Whatcom County Council as 20 follows: 21 22 Section 1 Findings. The County Council hereby declares and finds as 23 follows: 24 A. The County Equipment Rental and Revolving Fund - 501 will not be 25 substantially depleted by the loan to the Conservation Futures Fund - 175. 26 Following said loan, the Conservation Futures Fund will be able to make 27 all required payments. 28 29 B. The loan will be temporary in nature and shall be paid in full within 30 eight months of the first draw against the loan. 31 32 C. The County has made no covenant restrictions on the loan of funds 33 contained in the Equipment Rental and Revolving Fund - 501. 34 35 36 37 38 39 Page 1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 26 27 28 29 Section 2 Authorization of Interfund Loan. The Treasurer of Whatcom County, Washington is hereby authorized to transfer an amount not to exceed $300,000 from the Equipment Rental and Revolving Fund - 501 to the Conservation Futures Fund - 175. The transfer shall be in a lump sum to fund the Chuckanut Mountain land purchase. Repayment to the Equipment Rental and Revolving Fund equal to the amount hereby loaned to the Conservation Futures Fund, plus interest at an annual rate of 6.5 percent from the date the funds are transferred until the date of repayment.. Repayment shall be in a lump sum following the collection of the conservation futures tax. ADOPTED this 27th day of April , 1993. WHATCOM COUNTY COUNCIL ATTEST: WHATCOM COUNTY, WASHINGTON � Council Clerk Margaret W. Laid—law, APPROVED as to form: (V�Approved () Denied ALI.- Civil Deputy secutor Shirley Van Zaoten, Exe u ve Date: Page 2 WHATCOM COUNTY BUDGET MODIFICATION REQUEST Department: Conservation Futures Fund Requested By: Executive The following budget modification is requested: _Budget Transfer * X Budget Supplemental ** SOURCE: (Accounts to transfer from or funding source for supplemental) 17500.4334.0270 IAC Grant Contribution 17500.4395.1000 Proceeds from Sales of Fixed Assets Total U0 U11RU.&DIR 17500.7320 Purchase of Land 17500.6630 Professional Services 17500.7190 Other Miscellaneous 17500.6810 Advertising Total 554,350 277,175 831,525 822,825 6,200 1,000 1,500 831,525 PURPOSE OF TRANSFER OR SUPPLEMENTAL: (If more room is necessary attach additional sheet.) The 1993 Conservation Futures Fund budget appropriation for the purchase of land is being increased to include IAC grant and City of Bellingham contributions. This budget authority will allow Whatcom County to acquire 140 acres of prime wildlife habitat /park land on Chuckanut Mountain in the southern part of Whatcom County. Over the past five years home development has put this property into the critical acquisition classification. The appropriations for professional services, miscellaneous and advertising are for appraisal and review, recording and advertising and other incidental costs related to the land purchase. Authorized By: Department Head: Date: Executive's Office: Date: Date Posted: By: * Transfers affecting objects 10, 20, or 60 must be authorized by the County Executive. Transfers affecting other objects do not need Executive office approval. ** Supplemental requests, if approved by the Executive, will be forwarded to the County Council for authorization. . 10/91 SCAN PREFIX 769 `AUNTY NO. 398 -1310 1NISTRATION PAUL F. RUSHING DIRECTOR (206) 676.6692 Brad A. Bennett, C.P.A. Fiscal Manager (206) 676.6863 Mary Chisholm Admin. Serv. Mgr. (206) 676.6886 316 Lottie Street Bellingham, WA 98225 FAX (206) 738 -2521 John R. Tyler Deputy Director 284 W. Kellogg Rd., Suite D Bellingham, WA 98226 (206) 676.6907/398 -1666 FAX (206) 738 -2525 DIVISIONS BUILDINGS & CODE Nathan W. Brown Buildings & Code Mgr. 284 W. Kellogg Rd., Suite D Bellingham. WA 98226 (206) 676. 6907/398.1666 Inspections (206) 738.2520 FAX (206) 738.2525 BUILDING MAINT. Jerry Gran Supt. of Bldgs. & Safety ,mt. Public Safety Bldg. llingham, WA 98225 ,106) 676.6746 FAX (206) 738 -2521 ENGINEERING Edwin R. Henken. P.E. County Engineer Nasser Mamour�. Asst. County Engineer 284 W. Kellogg Rd., Suite C Bellingham. WA 98226 (206) 676. 6730/398.1666 FAX (206) 676 -6558 EQUIP. RENTAL & MAINT. Warren E. Laing Equip. Maint. & Control Mgr. 901 West Smith Road Bellingham, WA 98226 (206) 676. 67591384.3221 FAX (206) 384.5279 FERRIES & DOCKS William K. Hawley Captain 316 Lottie street Bellingham, WA 98225 (206) 676 -6692 FAX (206) 738 -2521 MAINT. & OPERATIONS Jeffrey M. Monsen, P.E. Superintendent 901 West Smith Road Bellingham. WA 98226 -206) 676 - 67591384 -3221 AX (206) 384 -5279 SOLID WASTE Robert Jurica. P.E. Solid Waste Manager I94 W. Kellogg Rd., Suite E Bellingham. WA 98226 (206) 676. 76951398 -1666 FAX (206) 738 -2525 W DEPARTMENT UBLIC ORKS TO: Paul F. Rushing Director of Public Works FROM: Brad Bennett Fiscal Manager SUBJECT: Loan from ER &R Fund DATE: April 2, 1993 The Executive office requested whether ER &R would be able to loan the Conservation Futures Fund approximately $300,000. Attached is a record of cash balances for the ER &R Fund. Last year's maximum used in operations was $715,000. Our current balance as of December 31, 1992 was $2,775,000. Therefore, I do not feel it would pose a problem to loan this money from the ER &R Fund. Enc. t- t ,// /ii/ // / v// _w/ i 'Paul F. Rushing, Director of Public W EQUIPMENT RENTAL & REVOLVING FUND MONTHLY CASH BALANCE FOR 1992 DATE RECEIVED DISBURSED BALANCE DIFFERENCE 01/01/92 $2,283,764.26 01/31/92 $250,350.34 $350,786.97 $2,183,327.63 ($100,436.63) 02/28/92 $332,878.57 $234,146.35 $2,282,059.85 $98,732.22 03/31/92 $25,914.12 $250,941:35 $2,057,032.62 ($225,027.23) 04/30/92 $204,432.56 $477,274.95 $1,784,190.23 ($272,842.39) 05/31/92 $903,736.94 $318,377.26 $2,369,549.91 $585,359.68 06/30/92 $5,063.85 $805,378.27 $1,569,235.49 ($800,314.42) 07/31/92 $970,795.47 $162,676.45 $2,377,354.51 $808,119.02 08/31/92 $117,458.25 $625,277.98 $1,869,534.78 ($507,819.73) 09/30/92 $1,162,018.64 $646,095.12 $2,385,458.30 $515,923.52 10/31/92 $706,006.53 $681,166.09 $2,410,298.74 $24,840.44 11/30/92 $518,114.26 $217,628.16 $2,710,784.84 $300,486.10 12/31/92 .$359,546.39 $295,209.09 $2,775,122.14 $64,337.30