HomeMy WebLinkAboutord2020-029Whatcom County COUNTY COURTHOUSE
311 Grand Avenue, Ste #105
Bellingham, WA 98225-4038
(360) 778-5010
Agenda Bill Master Report
File Number: AB2020-200
File ID: AB2020-200 Version: 1 Status: Adopted
File Created: 04/24/2020 Entered by: MCaldwel@co.whatcom.wa.us
Department: Finance Division File Type: Ordinance
Assigned to: Council Final Action: 05/19/2020
Agenda Date: 05/19/2020 Enactment #: ORD 2020-029
Primary Contact Email: mcaldwel(d�co.whatcom.wa.us
TITLE FOR AGENDA ITEM:
Ordinance authorizing an interfund loan to finance cash flow for COVID-19 emergency response
(replaces Ord. No. 2020-015 and Ord. No. 2020-017)
SUMMARY STATEMENT OR LEGAL NOTICE LANGUAGE:
Ordinance requests authorization for a $4 million interfund loan from the Pubic Utilities Improvement
(EDI) Fund to the COVID-19 Emergency Response Fund to finance cash flow needs.
HISTORY OF LEGISLATIVE FILE
Date: Acting Body: Action: Sent To:
05/05/2020 Council INTRODUCED Council
Aye: 5 Browne, Buchanan, Donovan, Frazey, and Kershner
Nay: 2 Byrd, and Elenbaas
Absent: 0
05/19/2020 Council ADOPTED
Aye: 4 Browne, Buchanan, Donovan, and Frazey
Nay: 3 Byrd, Elenbaas, and Kershner
Absent: 0
Attachments: Proposed Ordinance
Whatcom County Page 1 Printed on 512112020
PROPOSED BY: Executive
INTRODUCTION DATE: 05/05/2020
ORDINANCE NO. 2020-029
AN ORDINANCE AUTHORIZING AN INTERFUND LOAN TO FINANCE CASH FLOW
FOR COVID-19 EMERGENCY RESPONSE
WHEREAS, the Whatcom County Council adopted Emergency Ordinance No.
2020-015 authorizing an interfund loan for $1,000,000; and,
WHEREAS, the Whatcom County Council adopted Emergency Ordinance No.
2020-017 authorizing an additional interfund loan for $3,000,000; and,
WHEREAS, it is necessary to adopt a permanent ordinance to replace the
emergency ordinances as they expire on the sixty-first day following the date they
became law,
NOW, THEREFORE, BE IT ORDAINED by the Whatcom County Council that the
Whatcom County Treasurer is hereby authorized to make an interfund loan from the
Public Utilities Improvement Fund to the COVID-19 Emergency Response Fund
providing adequate cash flow for expanded COVID-19 response.
BE IT FURTHER ORDAINED that the loan shall not exceed $4,000,000 and shall
be for a term not exceeding eighteen months.
BE IT FURTHER ORDAINED that one-half percent interest shall be charged on
the loan.
BE IT FINALLY ORDAINED by the Whatcom County Council that this ordinance
replaces Ordinance No. 2020-015 and Ordinance No. 2020-017.
ADOa f May 2020.
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AT O, WHATCOM _ OUNTY, WASHINGTON
Dan Brow Is',Q, ttmcil Clerk B rr Buchanan, Chair of Council
APPROV-F AS _T(YFOP,EN1: Approved ( ) Denied
Approved by email/KF/MC
Civil Deputy Prosecutor Satpal Sidhu, IC ounty Executive
Date: 06 _ZZ- 2.0