HomeMy WebLinkAboutord1986-0971
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INTRODUCED BY: Consent �(,
PROPOSED BY: pu - i Works Y�
DATE INTRODUCED: 11120186
ORDINANCE NO. 86 -97
AN ORDINANCE ADOPTING A SUPPLEMENTAL BUDGET FOR
THE COMMUNITY ECONOMIC REVITALIZATION BOARD
(C.E.R.B.) FUND, A SPECIAL REVENUE FUND, TO
ACCOUNT FOR THE C.E.R.B. LOAN II PROCEEDS AND THE
REPAYMENT OF THE LOAN OVER A TWENTY -YEAR PERIOD.
WHEREAS, Whatcom County Resolution No. 86 -33 (1) authorizes the County
Executive to execute a final contract with the Community Economic Revitalizatioi
Board for a loan to Whatcom County of $2,583,593 for the purpose of providing
for the development of Kellogg Road -Guide Meridian intersection, extending west
on Kellogg Road to Woods Road and north on Woods Road to Horton Road; and (2)
describes the terms of Whatcom County's obligation to repay the loan; specifi-
cally that repayment shall be made over a twenty -year period with principal
deferred for the first two years, and equal annual principal installments, plus
6.8% interest on the outstanding principal balance over the next 18 years; and
(3) requires Whatcom County to account for in a special fund known as the
Community Economic Revitalization Board (C.E.R.B.) Fund; and
WHEREAS, Whatcom County Resolution No. 86 -33 authorizes the County
Executive to execute a final contract with The Trillium Corporation setting
forth the responsibilities of The Trillium Corporation and Whatcom County for
repayment of the $2,583,593 C.E.R.B. loan; and
WHEREAS, a final contract between Whatcom County and the Community
Economic Revitalization Board has been executed on October 13, 1986, pursuant ti
Whatcom County Resolution No. 86 -33; and
WHEREAS, a final contract between Whatcom County and The Trillium
Corporation has been executed on October 4, 1985, pursuant to Whatcom County
Resolution No. 86 -33; and
WHEREAS, disbursement of funds from the Community Economic
Revitalization Board will be disbursed on a reimbursable basis only; and
ORDINANCE - 1.
Date drafted: 11/12/86
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WHEREAS, there exists insufficient appropriation authority in the 1986
C.E.R.B. Fund budget for reimbursement of expenditures incurred by the Road
Fund.
NOW, THEREFORE, BE IT ORDAINED that the fund known as the Community
Economic Revitalization Board (C.E.R.B.) Fund is hereby amended as follows:
C.E.R.B. FUND
148 - 000 -001
REVENUES
388 00 0300 Proceeds from C.E.R.B. Loan II $171,885.00
EXPENDITURES
597 41 5500 Interfund Distr /Road Fund $171,885.00
APPROVED this 4th day of December 1986
WHATCOM COUNTY COUNCIL
WHATCOM COUNTY, ASHINVON
ATTEST:
t4w
Carol Ebergson
Clerk of the Council
APPROVED AS TO FORM:
V V V . 11#71)C�L �
aii rperson V/
( ✓) APPROVED ( ) VETOED
County Executive
Date: December 5. 1986
KandaII J._Po , GhtL4t Givil
Deputy Prosec ng Attorney
Published on November 26, 1986 and December 10, 1986
This ordinance becomes effective on December 15. 1986
ORDINANCE - 2.
Date drafted: 11/12/86