HomeMy WebLinkAboutord1985-0011
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INTRODUCED BY: Consent
PROPOSED BY: Public Works Dept.
DATE INTRODUCED: 12 -6 -84
ORDINANCE NO. 85 -1
AN ORDINANCE CREATING THE COMMUNITY ECONOMIC REVITALIZATION
BOARD (CERB) FUND, A SPECIAL REVENUE FUND,TO ACCOUNT FOR THE
CERB LOAN PROCEEDS AND THE REPAYMENT OF THE LOAN OVER A
TWENTY -YEAR PERIOD; AND ADOPTING A 1985 BUDGET THEREFOR.
WHEREAS, Whatcom County Resolution No. 84 -18 (1) authorizes the County
Executive to execute a final contract with the Community Economic Revitalizatio
Board for a loan to Whatcom County of $450,000 for the purpose of providing for
the development of Kellogg and Woods roads; and (2) describes the terms of
Whatcom County's obligation to repay the loan; specifically that repayment shal
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 establish a separate fund to be known as the Community Economic
Revitalization Board (CERB) Fund; and,
WHEREAS, Whatcom County Resolution No. 84 -19 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 $450,000 CERB loan; and
WHEREAS, a final contract between Whatcom County and the Community
Economic Revitalization Board has been executed on July 11, 1984, pursuant to
Whatcom County Resolution No. 84 -18; and
WHEREAS, a final contract between Whatcom County and The Trillium
Corporation has been executed on July 9, 1984, pursuant to Whatcom County
Resolution No. 84 -19; and
WHEREAS, Whatcom County Resolution No. 84 -39 provides for the County
accept an additional loan amount of $94,448 from the Community Economic
Revitalization Board, thereby increasing the total loan to $544,448, the whole
subject to identical terms of repayment as set forth above;
ORDINANCE - 1.
Date drafted: 11/28/84
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NOW, THEREFORE, BE IT ORDAINED that a fund to be known as the Communi
Economic Revitalization Board (CERB) Fund is hereby established, and that a 19
budget for that fund is adopted as follows:
COMMUNITY ECONOMIC REVITALIZATION BOARD (CERB) FUND
148 - 000 -034
REVENUES
300- 00 -00 -00 Revenues
382- 90 -00 -00 Other Long -term Distributions and Proceeds $544,448.00
300- 00 -00 -00 TOTAL REVENUES $544,
EXPENDITURES
500- 00 -00 -00 Expenditures
541- 00 -53 -00 Interfund Distribution /Road Fund $544,448.00
500- 00 -00 -00 TOTAL EXPENDITURES $4
APPROVED this 3rd day of January 1984
WHAAj OUNTY COUNCIL
WOATCOM,ICOUNTY, kA�NINC
AN
ATTEST:
, /11 J, 1 i% /'/J.C1
Ca bl` Eberg's6n "
Clerk of the Cou it
APPROVED AS TO FORM:
C10il Deputy Pl�tosecutfng
Attorney V
Published on 12 -12 -84
This ordinance becomes effective on
ORDINANCE - 2.
Date drafted: 11/28/84
Chairpe son
( 005 APPROVED
( ) VETOED
".L
�&�
Z
SHIRLEY VAN NTEN
County Executive
Date: January 4, 1985
and January 9, 1985
January 14, 1985