HomeMy WebLinkAboutord1986-003I
2
3
4
5
6
7
93
a
10
11
12
13,
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
INTRODUCED BY: HANSEY
PROPOSED BY: PUBLIC WORKS
DATE INTRODUCED: Jamiarg 113 1gRS
ORDINANCE NO. 86 -3
AN EMERGENCY ORDINANCE of the County Council of
Whatcom County, Washington, authorizing an interfund
loan of $16,746.31 from Whatcom County Equipment
Rental an Reevvolvv`irng Fund to Whatcom County Road
Improvement District No. 6 Fund, for the purpose of
providing funds to pay the costs of improvements in
Road Improvement District No. 6.
WHEREAS, pursuant to Resolution No. 83 -49, adopted on October 20, 1983,
the County Council of Whatcom County, established Road Improvement District
No. 6 ( "R.I.D. No. 6 ") for the purpose of replacing a seawall (the "Project ")
on Bayview Drive in Point Roberts; and
WHEREAS, Resolution No. 83 -49 established the Whatcom County Road
Improvement District No. 6 Fund (the "RID No. 6 Fund ") for the purpose of pay-
ing the costs and expenses of accomplishing the Project and the payment of the
principal of or interest on interfund loans made or bond anticipation warrants
issued for the Project or bonds issued against said Fund; and
WHEREAS, by Ordinance No. 85 -10 of the Council, passed on January 17, 1985,
the assessment roll of R.I.D. No. 6 was confirmed in the total amount of
$53,742.00 of which $20,866.29 was paid during the thirty day period
permitted by law for the payment of assessments without penalty or interest;
WHEREAS, the balance of unpaid assessments is currently not less than
$16,746.31; and
WHEREAS, the assessments levied within R.I.D. No. 6 and remaining
outstanding are anticipated to be repaid over a term of not to exceed 10 years
with interest on unpaid assessments at a rate to be determined by the Council;
and
WHEREAS, the costs of the Project have heretofore been paid from Whatcom
County Road Fund; and
I WHEREAS, the County currently maintains its Equipment Rental and Revolving
2 Fund - 501 in an amount sufficient to pay authorized warrants drawn against
3 said fund and it is not anticipated that said fund will be insufficient in the
4 future; and
5 WHEREAS, the County is assured of a source of repayment of an interfund
6 loan from R.I.D. No. 6 by virtue of the assessments levied in R J.D. No. 6;
7 and
8 WHEREAS, it appears to be in the best interests and economy to the resi-
9 dents of the County that the Equipment Rental and Revolving Fund - 501 lend
10 funds to R.I.D. No. 6 fund on a temporary basis on the terms specified herein;
11 and
12 WHEREAS, the Whatcom County Council hereby finds that an emergency exists
13 that requires immediate execution of the work involved for the health, safety
14 and welfare of the citizens of Whatcom County.
15 NOW, THEREFORE, BE IT ORDAINED BY THE COUNTY COUNCIL OF WHATCOM COUNTY,
16 WASHINGTON, as follows:
17 Section 1. Findings. The Board hereby declares and finds as follows:
18 A. The Equipment Rental and Revolving Fund - 501 will not be substantially
19 depleted by the loan of funds to R.I.D. No. 6 Fund. Following said loan,
20 the County will be able to make all of its required payments.
21 B. The County will not, as a regular practice, continue to make advances
22 between the Equipment Rental and Revolving Fund - 501 and the R.I.D. No. 6 Fund.
23 C. The County has made no covenant restricting the loan of funds contained
24 in the Equipment Rental and Revolving Fund - 501.
25 Section 2. Authorization of Interfund Loan. The Treasurer of Whatcom
26 County, Washington, as treasurer of R.I.D. No. 6, is hereby authorized to
27 transfer an amount not to exceed $16,746.31 from the Equipment Rental and
28 Revolving Fund - 501 of the County to the R.I.D. No. 6 Fund. Repayments to the
29 Equipment Rental and Revolving Fund - 501 of the County shall be made from fund
30 held in the R.I.D. No. 6 Fund equal to the amount hereby authorized.to be loaned
31 to the R.I.D. No. 6 Fund, plus interest, at an annual rate of 8 -3/4 percent,
32 (8 -3/4%) from the date the funds are transferred until the date of repayment.
Each such repayment of the loan shall be made as installments of assessments
1
2
3
4
5
6
7
8
9
10
11
12
13.
14
15
16
17
18
19
20
21
22 f
23 1
24
25
26
27
28
29
30
31
32 1
together with interest and penalties, if any, are received by the R.I.D. No. 6
Fund. Each such transfer shall be made by the County Treasurer as soon as it i <.
practicable, but in no event later than June 1, 1997.
Section 3. The County Council hereby establishes the interest rate on
assessments remaining unpaid from and after April 30 , 1985, the date on which
such assessments were to have been paid without interest or penalty, as nine
percent (9 %) per annum, and each such assessment shall be payable in ten equal
installments commencing on April 30, 1986 together with interest on unpaid
installments at the rate of nine percent (9 %) per annum.
Assessments or installments thereof which are delinquent shall bear in
addition to the foregoing interest a penalty equal to 10 percent (10 %) of the
amount so delinquent.
PASSED this 16th day of January 9 1986
WHATCOM COUNTY COUNCIL
WHATCOM COUNTY, WASHINGTON
William P. Roehl
Chairperson
ATTEST: ( ✓ ) Approved ( ) Vetoed
kLL OC,--
Caro ergso !Mr ley Van lanten,
Clerk of the Council Whatcom County Executive
APPROVED AS TO FORM: Date January 17, 1986
Civil Deputy Prosecuting Atty.
Published February 5, 1986 acid NIA
Effective Date January 27, 1986
1
2
3
I
4
5
6
7
8
9
10
11
12
13.
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
CLERK'S CERTIFICATE
I, the undersigned, the duly chosen, qualified and acting Clerk of the
Council of Whatcom County, Washington (the "County "), and keeper of the records
of the Council, DO HEREBY CERTIFY:
1. That the attached Ordinance No. 86 -3 (herein called the . "Ordinance") i s
a true and correct copy of an ordinance of the County as finally adopted at a
meeting of the Council held on the 16th day of January, 1986, and duly
recorded in my office.
2. That said meeting was duly convened and held in all respects in accor-
dance with law, and to the extent required by law, due and proper notice of such
meeting was given; that a quorum was present throughout the meeting and a
legally sufficient number of members of the Council voted in the proper manner
for the passage of said Ordinance; that all other requirements and proceedings
incident to the proper passage of said Ordinance have been duly fulfilled,
carried out and otherwise observed, and that I am authorized to execute this
certificate.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official
seal of the County this 12thday of February , 1986.
J
Clerk of the Counci
Whatcom County, Wash ngton