HomeMy WebLinkAboutord1985-0741
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INTRODUCED BY: Consent
PROPOSED BY: Public Works Dept.
DATE INTRODUCED: 9 -19 -85
ORDINANCE NO. 85 -74
AN ORDINANCE ADOPTING A REVISED 1985 BUDGET FOR
THE COMMUNITY ECONOMIC REVITALIZATION BOARD
(C.E.R.B.) FUND
WHEREAS, the County has an outstanding loan from the Community Economic
Revitalization Board, with principal balance of $544,448; and
WHEREAS, the terms of that loan allow for deferral of payments against
the principal balance for two years following the receipt of the original loan
proceeds, at an annual interest rate of 6.8% per annum on the outstanding prin-
cipal amount; and
WHEREAS, the first installment of the loan repayment, consisting of
interest only, is due on the anniversary date of receipt of the loan proceeds,
which is computed to be October 31, 1964; and
WHEREAS, there exists insufficient appropriation authority in the 1985
C.E.R.B. Fund budget for payment of this obligation;
NOW, THEREFORE, BE IT ORDAINED, that the 1985 C.E.R.B. Fund budget be
amended as follows:
C.E.R.B. FUND
148 - 000 -OU1
REVENUES
14802- 369 -30 -UO Contributions From Active funds/
R.E.E.T. Fund
TOTAL REVENUES
EXPENDITURES
14802- 519 -62 -83 Interest on Long -term Debt
TOTAL EXPENDITURES
ORDINANCE - 1.
Date drafted: 9/13/85
$ 34.524.OU
$ 34,524.00
$ 34,524.00
$ 34,524.00
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APPROVED this r 3rd day of October 1985
WHATCOM COUNTY COUNCIL
WHATCOM COUNTY, WASHINGTON
ATTEST:
Clerk rk o the Counc
APPROVED AS TO FORM:
WILLIAM P. ROEHL
Chairperson
( 4 APPROVED ( ) VETOED
NORM VAN ZdkNfi NFU
County Executive
Date: October 4, 1985
Civil Deputy Prosecuting
Attorney
Published on 9 -25 -85 and 10 -9 -85
This ordinance becomes effective on 10 -14 -85
ORDINANCE - 2.
Date drafted: 9/13/85