HomeMy WebLinkAboutord1987-0701
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INTRODUCED BY: Consent
PROPOSED BY: Public Works Dept.
DATE INTRODUCED: October 1, 1987
ORDINANCE NO.
AN ORDINANCE DIRECTING THE USE OF PROCEEDS OF
CERTAIN CERB LOANS TO PAY COSTS INCURRED
WITHIN LOCAL AND ROAD IMPROVEMENT DISTRICT NO.
9 AND PROVIDING FOR THE REIMBURSEMENT OF SUCH
COSTS FROM ASSESSMENTS LEVIED WITH LOCAL AND
ROAD IMPROVEMENT DISTRICT NO. 9
WHEREAS, the County Council of Whatcom County (the "County "), pursuant
to Resolution No. 84 -18, accepted the offer of a loan from the State of
Washington Community Economic Revitalization Board ( "CERB ") in the aggregate
principal amount of $544,448 and authorized the execution of Contract No.
C -84 -25 with respect to said loan under which the County agreed to undertake th
development of Kellogg and Woods Roads, as provided therein; and
WHEREAS, pursuant to Resolution No. 86 -38, the County Council further
accepted the offer from CERB of a loan in the aggregate principal amount of
$2,583,539 and authorized the execution of Contract No. C -86 -54 with respect t
said loan under which the County agreed to construct additional water and sewe
improvements in the area of Kellogg and Woods roads, as described therein; and
WHEREAS, pursuant to each of said Resolutions Nos. 84 -18 and 86 -38, th
County Council authorized the creation of a separate fund to be known as the
Community Economic Revitalization Board (CERB) Fund for the purpose of repaying
the County's obligations under contracts Nos. C -84 -25 and C- 86 -54; and
WHEREAS., the County Council has purusant to Ordinance No. 87 -67
authorized the creation -of a Local and Road Improvement District No. 9 ( "LRID
No. 9 ") for the purpose of undertaking the projects authorized in contracts Nos
C -84 -25 and C -86 -54 and assessing the costs of such projects against all of the
benefited property within LRID No. 9; and
WHEREAS, said Ordinance No. 87 -67 further authorized the crea-
tion of a separate fund, designated as the "Whatcom County Local and Road
ORDINANCE - 1.
Date drafted: 9/24/87
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Improvement District No. 9 Fund" (the "LRID No. 9. Fund "), into which all
assessments against property within LRID No. 9 shall be deposited, as collect
by the County Treasurer;
NOW, THEREFORE, BE IT ORDAINED BY THE COUNTY COUNCIL OF WHATCOM COUN
as follows:
Section 1. The proceeds of the loans from CERB under each of the
contracts Nos. C -84 -25 and C -86 -54 shall be used and applied by the County to
undertake the improvement projects authorized therein and in LRID No. 9 as pro-
vided in Ordinance No. 87 -67 of the County Council.
Section 2. The County Council hereby directs the Treasurer to transfe
on or prior to October 31 of each year, commencing in 1987, from LRID No. 9 Fun
to Whatcom County CERB Fund No. 148, all monies on hand in the LRID No. 9 Fund
or such lesser amount as shall be necessary to provide sufficient monies to pay
the installment then due to CERB under the repayment schedules within contracts
Nos. C -84 -25 and C- 86 -54, as invoiced by CERB to the County periodically. In
the event that sufficient monies shall not be on hand to meet the County's
repayment obligation to CERB, the deficit shall be met with any legally
available County funds, including the County's Real Estate Excise Tax Capital
Improvement Fund.
APPROVED this 5th day of November 1987
WHATCOM COUNTY COUNCI
WHATCOM C Y. WASHINGT N
THO RTON
Chair erson
ATTEST: APPROVED ( ) VETOED
Carol Ebergson SHIRLEY VAN ZANTEN
C,ah.k of the Council County Executive
Date: November 6, 1987
APPROVED AS TO FORM:
Randall "J.` a t`5, Chlef Civil
Deputy Prose ing Attorney
Published on October 7, 1987
This ordinance becomes effective on
ORDINANCE - 2.
Date drafted: 9/24/87
and November 11, 1987
November 16. 1987