HomeMy WebLinkAboutord2017-014WAATrOM 170111VTV C0111VC11, AGENDA RILL NO. 2017 -098
CLEARANCES
Initial
Date
Dale Received in Council Office --TAgenda
Date
Assigned to:
Twh
02.23.17
03.07.17
Intro
Originator:
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Division Head.
FEB 2 8 2017
WHATCOi1l'I COUNTY
03.21.17
Finance
Dept. Head:
3/21/17
Council
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Prosecutor:
COUNCIL
Purchasin /Bud et:
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Executive:
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TITLE OF DOCUM s T An Ordinance authorizing interfund loans to finance cash flow for stormwater capitalproject budgets.
ATTACHMENTS. No attachments
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SEPA review required? ( ) Yes ( x ) NO
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Should Clerk schedule a hearing ? ( ) Yes ( x ) NO
SEPA review completed? ( ) Yes ( x ) NO
Requested Date:
SUMMAR Y STA TEMENT 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.)
Executive Louws requests Council authorization for the Treasurer to make inter fund loans from the REET II Fund to
Stormwater Capital Project Funds for cash flow purposes.
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COMMITTEE ACTION:
COUNCIL ACTION.•
3/21/2017: Forwarded to Council for approval
3/7/2017: Introduced 7 -0
3/21/2017: Adopted 7 -0, Ord. 2017 -014
Related County Contract #:
Related File Numbers:
Ordinance or Resolution Number:
Ord. 2017 -014
Please Note: Once adopted and signed, ordinances and resolutions are available for viewing and printing on the County's website
at: www.co.whateom.wa.uslcouneil.
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PROPOSED BY:-
Executive-INTRODUCTION DATE: 03 07 17
ORDINANCE NO. 2017 -014
AN ORDINANCE AUTHORIZING INTERFUND LOANS
TO FINANCE CASH FLOW FOR STORMWATER CAPITAL PROJECT BUDGETS
WHEREAS, multi -year stormwater capital projects are budgeted in capital project
funds to facilitate project accounting; and
WHEREAS, from time to time due to the processing time required to receive grant
reimbursements, stormwater capital project funds need a temporary loan for cash -flow
purposes; and,
WHEREAS, the REET II Fund is the appropriate source to provide cash -flow loans for
stormwater capital project funds,
NOW, THEREFORE, BE IT ORDAINED by the Whatcom County Council: The
Whatcom County Treasurer is hereby authorized to make inter -fund loans from the REET II
Fund to Stormwater Capital Project Funds for cash flow purposes. The loans shall not
exceed $1,000,000 per project and shall not be for a term exceeding three years. No
interest shall be charged on the loans.
BE IT FURTHER ORDAINED, A report of all new interfund loans from the REET II
Fund will be provided to the County Council annually.
ADOPTED this 21st day of March
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APPROVED AS.Tb FORW olll
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Civil Deputy Prosecutor
2017_
WHATCOM COUNTY COUNCIL
HATCOM CO TY, WASHINGTON
rry uchan n, Chairman
(XApproved ( ) Denied
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Jack Louws./ Executive
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