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INTRODUCED BY: CONSENT I
PROPOSED BY: County Executive
DATE INTRODUCED: 12/4/86
ORDINANCE NO. 86 -101
AN ORDINANCE AMENDING ORDINANCE NO. 86 -79, AN
ORDINANCE AUTHORIZING THE COUNTY EXECUTIVE TO
EXECUTE A LOAN FROM RAINIER NATIONAL BANK
(NORTHWEST WASHINGTON COMMERCIAL BANKING CENTER)
IN THE AMOUNT OF $100,000 FOR THE FINANCING OF
THE HEATING AND HOT WATER SYSTEM IMPROVEMENTS
FOR THE NOR -BELL NURSING HOME, BY AMENDING
SECTION 1.
WHEREAS, the Whatcom County Council approved Ordinance No. 86 -79, an
ordinance authorizing the County Executive to execute a loan from Rainier
National Bank (Northwest Washington Commercial Banking Center); and
WHEREAS, Whatcom County and Rainier National Bank (Northwest Washington
Commercial Banking Center) have agreed that the term of the loan shall not
exceed six months from the date of execution of the note; and
WHEREAS, Ordinance No. 86 -79 Section 1 provides that the term of the
loan shall commence no later than November 30, 1986;
NOW, THEREFORE, BE IT ORDAINED that Ordinance No. 86 -79, Section 1, is
hereby amended to read as follows:
SECTION 1. Authorization of System Improvements and Note.
The County Council hereby finds and declares that the public interest,
safety, benefit and welfare requires the County to make certain improvements and
modifications to the County -owned nursing home facility in accordance with plans
and specifications as approved by the Director of Public Works for the Nor -Bell
Nursing Home heating and hot water system improvements (the "System Improve-
ments"). The County Council hereby further authorizes a short term indebtedness
of the County in principal amount not to exceed $100,000 to pay the costs of the
System Improvements (the "Loan "), and further authorizes the County Executive to
enter into a contract on behalf of the County with.Rainier National Bank for the
Loan. Interest rate on the Loan shall not exceed 70 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 not exceed $500.00. The
term of the Loan shall not exceed six months= eemmene4ng later- #,hay+ November
30-r 1980. Repayment of the Loan shall be in the form of a single payment of
principal 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 October 1, 1986.
BE IT FURTHER ORDAINED that unless specifically mentioned within this
ordinance, all other terms and conditions of Ordinance 86 -79 shall remain in
full force and effect.
ORDINANCE - 1.
Date drafted: 12/3/86
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APPROVED this 18th day of December 1986
WHATCOM COUNTY COUNCIL
WHATCOM COUNTY, NGT
)YWAL-D G. HAPEY
Chairperson
ATTEST: APPROVED ( ) VETOED
Carol Ebergson SHIRLEY VAN 4ANTEN LJ
Clerk of the Council County Executive
Date: 12/18/86
I APPROVED AS TO FORM:
Randall J. Watts, Chief Civil
Deputy Prosecuting Attorney
Published on 12/10/86 and 12/24/86
This ordinance becomes effective on 12/29/86
ORDINANCE - 2.
Date drafted: 12/3/86