HomeMy WebLinkAboutord1986-0041
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INTRODUCED BY: CONSENT
PROPOSED BY: Public_Works
DATE INTRODUCE E : January 16, 1986
ORDINANCE N0. 86 -4 _ -•-•
AN ORDINANCE of the County Council of Whatcom County,
Washington, authorizing an interfund loan of $16,746.31
from Whatcom County Equipment Rental and Revolving F
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; and
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
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WHEREAS, the County currently maintains its Equipment Rental and Revolving
Fund - 501 in an amount sufficient to pay authorized warrants drawn against
said fund and it is not anticipated that said fund will be insufficient in the
future; and
WHEREAS, the County is assured of a source of repayment of an interfund
loan from R.I.D. No. 6 by virtue of the assessments levied in R.I.D. No. 6;
and
WHEREAS, it appears to be in the best interests and economy to the resi-
dents of the County that the Equipment Rental and Revolving Fund - 501 lend
funds to R.I.D. No. 6 fund on a temporary basis on the terms specified herein;
NOW, THEREFORE, BE IT ORDAINED BY THE COUNTY COUNCIL OF WHATCOM COUNTY,
WASHINGTON, as follows:
Section 1. Findings. The Board hereby declares and finds as follows:
A. The Equipment Rental and Revolving Fund - 501 will not be substantially
depleted by the loan of funds to R.I.D. No. 6 Fund. Following said loan,
the County will be able to make all of its required payments.
B. The County will not, as a regular practice, continue to make advances
between the Equipment Rental and Revolving Fund - 501 and the R.I.D. No. 6 Fund.
C. The County has made no covenant restricting the loan of funds contained)
in the Equipment Rental and Revolving Fund - 501.
Section 2. Authorization of Interfund Loan. The Treasurer of Whatcom
County, Washington, as treasurer of R.I.D. No. 6, is hereby authorized to
transfer an amount not to exceed $16,746.31 from the Equipment Rental and
Revolving Fund - 501 of the County to the R.I.D. No. 6 Fund. Repayments to the
Equipment Rental and Revolving Fund - 501 of the County shall be made from funds
held in the R.I.D. No. 6 Fund equal to the amount hereby authorized to be loaned
to the R.I.D. No. 6 Fund, plus interest, at an annual rate of 8 -3/4 percent,
(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
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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 is
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 (9q) 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
6th
day of February , 19 86
WHATCOM COUNTY COUNCIL
TCOM COUNTY, WAS TO
DONALD
G. ^ HANSFY
Chairperson
ATTEST: ( Approved ( ) Vetoed
a-L IL &;L
Carol E ergson, Shirley Van nten,
Clerk of the Counc 1 Whatcom County Executive
APPROVED AS TO FORM:
Civil Deputy Prosecuting Atty.
Date February 7, 1986
Published February 5, 1986 and February 12, 1986
Effective Date February ' 17 . 1986
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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.8 6 -4 (herein called the "Ordinance ") is
a true and correct copy of an ordinance of the County as finally adopted at a
meeting of the Council held on the 2 /6/8eday 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
12th day of February ,
1986.
Clerk of the CouncjX
Whatcom County, W shington