HomeMy WebLinkAboutord2020-011Whatcom County COUNTY COURTHOUSE
311 Grand Avenue, Ste #105
Bellingham, WA 98225-4038
(360) 778-5010
Agenda Bill Master Report
File Number: AB2020-120
File ID: AB2020-120 Version: 1 Status: Adopted
File Created: 02/27/2020 Entered by: MCaldwel@co.whatcom.wa.us
Department: Finance Division File Type: Ordinance
Assigned to: Council Finance and Administrative Services Committee Final Action: 03/24/2020
Agenda Date: 03/24/2020 Enactment #: ORD 2020-011
Primary Contact Email: mcaldwel@co.whatcom.wa.us
TITLE FOR AGENDA ITEM:
Ordinance authorizing an interfund loan to finance cash flow for the Swift Creek Capital Projects Fund
SUMMARY STATEMENT OR LEGAL NOTICE LANGUAGE:
Request authorization to make interfund loans from the Swift Creek Sediment Management Fund to the
Swift Creek Capital Projects Fund for cash flow purposes.
HISTORY OF LEGISLATIVE FILE
Date: Acting Body:
Action:
Sent To:
03/10/2020 Council INTRODUCED Council Finance and
Administrative Services
Committee
Aye: 6 Browne, Buchanan, Byrd, Donovan, Frazey, and Elenbaas
Nay: 0
Absent: 1 Kershner
03/24/2020 Council ADOPTED
Aye: 7 Browne, Buchanan, Byrd, Donovan, Frazey, Elenbaas, and Kershner
Nay: 0
Absent: 0
Attachments: Staff Memo, Proposed Ordinance
Whatcom County Page 1 Printed on 312712020
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PROPOSED BY: Public Works
INTRODUCTION DATE: 03/10/2020
ORDINANCE NO. 2020-011
ORDINANCE AUTHORIZING AN INTERFUND LOAN
TO FINANCE CASH FLOW FOR THE SWIFT CREEK CAPITAL PROJECTS FUND
WHEREAS, multi -year 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, capital project funds need a temporary loan for cash -flow purposes; and
WHEREAS, the Swift Creek Sediment Management Fund (Fund 128) is the
appropriate source to provide cash -flow loans for the Swift Creek Capital Projects Fund,
NOW, THEREFORE, BE IT ORDAINED by the Whatcorn County Council: The
Whatcom County Treasurer is hereby authorized to make inter -fund loans from the SWIFT
CREEK SEDIMENT MANAGEMENT FUND to SWIFT CREEK CAPITAL PROJECTS FUND for cash
flow purposes. The loans shall not exceed $1,000,000 and shall not be for a term exceeding
two years. No interest shall be charged on the loans.
BE IT FURTHER ORDAINED, A report of all new interfund loans from the SWIFT
CREEK SEDIMENT MANAGEMENT FUND will be provided to the County Council annually.
s 24th March
��A`[h�� �T,�pry4 �hil.�/F day of , 2020
10
ATTS7` WHATCOM COUNTY COUNCIL
WN^-rrOM Cn "�L � NGTON
Dana Brown- a"vis, .. lark vT"'the Council Barry Buchanan, Chair of the Council
F E_ WHATCOM COUNTY EXECUTIVE
APPROVED AS`FORM: WHATCOM COUNTY, WASHINGTON
Christopher Quinn
Senior Deputy Prosecuting Attorney
Civil Division
Approved ( ) Denied
Satpal Singhl Sidhu
County Executive
Date Signed: 0 ` 2 a