HomeMy WebLinkAboutord1988-0841
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Nor - bell.ln
INTRODUCED BY: Consent
PROPOSED BY: County Executive
DATE: 10/20/88
ORDINANCE NO. 88 -84
AN EMERGENCY ORDINANCE TO PROVIDE FOR
A CASH FLOW LOAN TO THE NOR -BELL
CARE CENTER FUND FROM THE EMERGENCY CONTINGENCY FUND
WHEREAS, the Nor -Bell Care Center Fund is continuing to register
warrants to cover cash flow needs; and
WHEREAS, these registered warrants, when redeemed and rolled over
continue to accrue to the maximum debt limit allowed by the
Federal government after which arbitrage interest earnings must be
reimbursed; and
WHEREAS, the County finds it in its interest to keep the arbitrage
and thus does not want to exceed the allowable limit; and
WHEREAS, a single cash flow loan from the Emergency Contingency
Fund allows the County to not exceed the limit in 1988;
NOW, THEREFORE BE IT ORDAINED, the Emergency Contingency Fund
shall provide a one hundred and twenty (120) day cash flow loan of
$70,000 to the Nor -Bell Care Center Fund at a 6% APR, with
principal and accrued interest payable in full at the end of the
120 day period;
BE IT FURTHER ORDAINED, an emergency does exist and this ordinance
shall become effective immediately upon passage and approval by
the Executive; further the Whatcom County Council finds that this
ordinance is necessary for the immediate preservation of public
peace, health, safety and /or support of the County government.
ADOPTED this 20th day of October , 1988.
WHATCOM COUNTY COUNCIL
ATTEST: WHATCOM COUNTY, WASHINGTON
RAMONA REEVES
CLERK OF THE COUNCIL
APPROVED AS TO FORM:
RAI ALL J. 1 TTS
Civil Deputy Prosecuting
Attorney
ORDINANCE.
WILLIAM P. OEHL
CHAIRMAN
( ✓) APPROVED ( ) VETOED
ILL iL S
SHIRLEY VAN ZANTE
County Executive
Date Signed by Executive