HomeMy WebLinkAboutord2015-024WHATCOM COUNTY COUNCIL AGENDA BILL NO.
2015 -174
CLEARANCES
Initial
Date
Date Received in Council O rice
Agenda Date
Ass! ned to:
Originator:
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S S 'S
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5/26115
Introduction
Finance Coin/
Division Head:
MAY 18 2015
619115
Council
Dept. Head:
WHATCOM COUNTY
Prosecutor:
Jr S
COUNCIL
PurchasuaglHudget:
Executive:
s I t 8 �iJ
TITLE OF D
AN ORDINANCE TTHORIZING AN INTERFUND LOAN TO CONTINUE FINANCING OF ASSESSOR
TREASURER SYSTEM
ATTACHMENTS:
Proposed Ordinance
Memo
SEPA review required? ( ) Yes ( ) NO
Should Clerk schedule a hearing? ( ) Yes ( ) NO
SEPA review completed? ( ) Yes ( ) 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 a $541,760 loan at 1% from the Whatcom County Equipment Rental and Revolving
Fund (ER &R) to the General Fund. The loan continues financing of the new Assessor Treasurer system from
ER &R for an additional four years.
COMMITTEE ACTION. •
COUNCIL ACTION:
6/9/2015: Forwarded to Council for approval
5/26/2015: Introduced 7 -0
6/9/2015: Adopted 7 -0, Ord. 2015 -024
Related County Contract #:
Related File Numbers:
Ordinance or Resolution Number:
'
Ord. 2015 -024
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: Mav 26.2015
ORDINANCE NO. 2015 -024
AN ORDINANCE AUTHORIZING AN INTERFUND LOAN
TO CONTINUE FINANCING OF ASSESSOR TREASURER SYSTEM
WHEREAS, Whatcom County replaced the county's Assessor Treasurer Software System in 2009; and
WHEREAS, the Whatcom County Council authorized an interfund loan from Whatcom County
Equipment Rental and Revolving Fund (ER &R Fund) to finance the new system with ordinance 2009 -048; and
WHEREAS, the original loan was renewed on July 1, 2012 with ordinance 2012 -027, 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, 2019; 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 $541,760; and
WHEREAS, on an interim basis, it is in the best interest of Whatcom County to continue to finance the
new Assessor Treasurer Software 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 $541,760 at a rate of 1 %
annual interest. Payments of $129,000 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 avalable4, }�t�airpurposes on or before July 1, 2019.
t ■t■ y /�� ay of June , 2015.
&; 11, r� WHATCOM COUNTY COUNCIL
ATTOO cogtAv :� WHATCOM COUNTY, WASHINGTON
Dana I3rawr3�f v� t c iu 7 CIO& Carl Weimer, Council Chair
APP 'G'ED as to.f �,��`� laprove () Dea
Karen Frakes, Senior Deputy II Jack Louw , hive