HomeMy WebLinkAboutord2015-0237nl M-1 '70
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CLEARANCES
Initial
Date
Date Received in Council Office
A ends Date
Asst ned to:
Originator:
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MAY 18 2015
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Introduction
Division Head:
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Finance Con/
Council
Dept. Head:
Prosecutor:
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WHATCOM COUNTY
Purchasing /Budget:
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COUNCIL
Executive:
5-11
TITLE OF D NT:
AN ORDINANCE AUTHORIZING AN INTERFUND LOAN TO CONTINUE FINANCING OF CENTRAL
PLAZA BUILDING
ATTACHMENTS.
Proposed Ordinance
Memo
SEPA review required? ( ) Yes (x ) NO
Should Clerk schedule a hearing? ( ) Yes ( x ) NO
SEPA review completed? ( ) Yes ( x ) NO
Requested Date:
SUMMARY STATEMENT OR LEGAL NOTICE LANGUAGE: (If this item is an ordinance or requires a public
hearing, you must provide the language for use in the required public notice. Be specific and cite RCW or WCC as appropriate. Be
clear in explaining the intent of the action.)
This ordinance authorizes an $895,317 loan at 1% from the Whatcom County Equipment Rental and Revolving
Fund (ER &R) to the General Fund. The loan continues financing of the Central Plaza Building from ER &R for
an additional three years.
COMMITTEEACTION.•
COUNCIL ACTION.
6/9/2015: Forwarded to Council for approval
5/26/2015: Introduced 7 -0
6/9/2015: Adopted 7 -0, Ord. 2015 -023
i
Related County Contract #:
Related File Numbers:
Ordinance or Resolution Number:
Ord.- 2015 -023
Please Note: Once adopted and signed, ordinances and resolutions are available for viewing and printing on
the County's website at. www.co.whatcom.wa.us /council.
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INTRODUCED BY: Consent
PROPOSED BY: Executive
DATE: May 26, 2015
ORDINANCE NO. 2015 -023
AN ORDINANCE AUTHORIZING AN INTERFUND LOAN
TO CONTINUE FINANCING OF CENTRAL PLAZA BUILDING
WHEREAS, the Whatcom County purchased the Central Plaza Building, 215 North
Commercial Street, Bellingham, Washington in 2009; and
WHEREAS, the Whatcom County Council authorized an interfund loan from the Whatcom
County Equipment Rental and Replacement Fund (ER &R Fund) to finance the purchase with
ordinance 2009 -049; and
WHEREAS, the original loan was renewed on July 1, 2012 with ordinance 2012 -026, and
WHEREAS, the renewed interfund loan becomes due July 1, 2015; and
WHEREAS, the ER &R Fund has sufficient cash reserves to extend the loan through July 1,
2018; and
WHEREAS, the county wishes to delay issuing bonds until interest rates available for county
investments return to traditional levels; and
WHEREAS, Whatcom County's average rate of return on investments in the first quarter of
2015 was 0.61%; and
WHEREAS, the balance of the interfund loan on July 1, 2015 will be $895,317, and
WHEREAS, on an interim basis, it is in the best interest of Whatcom County to continue to
finance the Central Plaza debt utilizing an interfund loan from the ER &R Fund.
NOW, THEREFORE, BE IT ORDAINED by the Whatcom County Council that a loan shall
be made from the ER &R Fund (fund #501) to the General Fund (fund #001) in the amount of
$895,317 at a rate of 1% annual interest. Payments of $124,000 including interest and principal shall
be made annually on July 1 st. Repayment in full shall be made from the issue of general obligation
bonds or other financing sources and /or funds available for capital purposes on or before July 1, 2018.
: L ClP ED' Ihis 9rt, day of
ATT
Dana- Browjl -,P, 's 6 itMClerk
N HING.•'
;VVED as to is
area Frakes, Senior Deputy II
June , 2015.
WHATCOM COUNTY COUNCIL
WHATCOM COUNTY, WASHINGTON
Carl Weimer, Council Chair
Approve () De d
Jack Loins. Executiv