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INTRODUCED BY: CONSENT
PROPOSED BY: County Executive's
DATE INTRODUCED: May 21, 1987
ORDINANCE NO. 87 -30
AN ORDINANCE AUTHORIZING THE COUNTY EXECUTIVE TO
RENEW THE $100,000.00 LOAN FROM RAINIER NATIONAL BANK
USED TO FINANCE IMPROVEMENTS AT NOR -BELL NURSING HOME
AND RESCINDING ORDINANCES NOS. 86 -79 AND 86 -.101
WHEREAS, the Whatcom County Council approved Ordinance No. 86 -79, an
ordinance authorizing the County Executive to execute a loan from Rainier
National Bank to be used to replace the boiler at the Nor -Bell Nursing Home; and
WHEREAS, the Whatcom County Council approved Ordinance No. 101, an
ordinance amending Ordinance No. 86 -79; and
WHEREAS, the note between Whatcom County and Rainier National Bank
(Northwest Washington Commercial Banking Center) was executed on December 30,
1986 for a term of six months maturing on June 30, 1987; and
WHEREAS, additional time is needed to arrange permanent financing and
Rainier National Bank has agreed to extend the note for an additional six
months; and
WHEREAS, this ordinance supersedes Ordinance No. 86 -79 and Ordinance
No. 86 -101;
NOW, THEREFORE, BE IT ORDAINED that the County Council hereby rescinds
Ordinance No. 86 -79 and Ordinance No. 86 -101; and
BE IT FURTHER ORDAINED that the County Council hereby authorizes the
renewal of short term indebtedness of the County in the principal amount of
$100,000.00 and further authorizes the County Executive to enter into a con-
tract on behalf of the County with Rainier National Bank for the loan. Interest
rate on the loan shall not exceed 75 percent of Rainier Bank's prime rate, fully
floating with interest rate adjustments on the day of each prime rate change.
Loan fees paid to the bank shall be $500.00. The term of the loan shall be six
months. Repayment of the loan shall be in the form of a single payment of prin-
cipal and interest due six months from the date of the loan. The loan shall be
evidenced by a note to be executed by the County Executive and delivered to the
bank in accordance with their offer dated April 20, 1987.
ORDINANCE - 1.
Date Drafted: 5/12/87
iw,
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APPROVED this 4th
ATTEST:
Carol Ebergson
Clerk of the Council
APPROVED AS TO FORM:
day of June 1987
WHATCOM COUNTY COUNCIL
WHATCOM COUNTY, WASHINGTON
TOM BURTON
Chairperson
( �) APPROVED ( ) VETOED
" V G...
SHIRLEY VAN LAN-FEN
County Executive
Date: June 5, 1987
Kanaaii j. w ts, tinier L VI I
Deputy Prosec ting Attorney
Published on 5/27 and
This ordinance becomes effective on
ORDINANCE - 2.
Date Drafted: 5/12/87
10/87
15. 1987