HomeMy WebLinkAboutord2018-038WHATCOM COUNTY COUNCIL AGENDA BILL NO. 2018 -180
CLEARANCES
Initial
Date
Date Received in Council Office
Agenda Date
Assigned to:
Originator:
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Introduction
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Finance Com/
Division Head.
MAY 2 9 2018
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Council
Dept. Head:
Prosecutor:
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Purchasing /Budget:
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Executive:
TITLE OFD U NT:
AN ORDINANC AN INTERFUND LOAN TO CONTINUE FINANCING OF CENTRAL
;?AUTHORIZING
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:
SUMMARYSTATEMENT OR LEGAL NOTICE LANGUAGE: W Ili is 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 $546,714 loan at 2% 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.
COMMITTEE ACTION.
COUNCIL ACTION:
6/19/2018: Forwarded to Council for approval
6/5/2018: Introduced 6 -0, Sidhu absent
6/19/2018: Adopted 6 -0, Browne absent, Ord. 2018 -038
Related County Contract #:
Related File Numbers:
Ordinance or Resolution Number:
Ord..2018 -038
Please Note: Once adopted and signed, ordinances and resolutions are available for viewing andprinting on
the County's website at: www.co.whatcom.wa.us /council.
PROPOSED BY: Executive
INTRODUCTION DATE: June 5, 2018
ORDINANCE NO. 2018 -038
AN ORDINANCE AUTHORIZING AN INTERFUND LOAN
TO CONTINUE FINANCING OF CENTRAL PLAZA BUILDING
WHEREAS, 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 renewed interfund loan becomes due July 1, 2018; and
WHEREAS, the ER &R Fund has sufficient cash reserves to extend the loan through July
1, 2021; and
WHEREAS, Whatcom County's average rate of return on investments in the first quarter
of 2018 was 1.29 %; and
WHEREAS, the balance of the interfund loan on July 1, 2018 will be $546,714, 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 $546,714 at a rate of 2% annual interest. Payments of $124,000 including interest and
principal shall be made annually on July 1st. Repayment in full shall be on or before July 1,
2021.
ADOPTED this 19th day of June Z , 2018.
���EaE�eassrP WH COM O Y COUNCIL
ATTE�T`.� �F y l��f.,� WLrATCO Y, WA GTON
Ua row is, °C0 i Clerk Rud Browne, Council Chair
AP OV a��o,-- C0 Approved
aren,yrakes, Civ l Deputy Jack Lou w/1 Executive