HomeMy WebLinkAboutResolutionAuthorizingPaymentofBondShadyBrookKITTITAS COUNTY
DEPARTMENT OF PUBLIC WORKS
AGENDA STAFF REPORT
AGENDA DATE: March 20, 2018
ACTION REQUESTED: Approve the Resolution Authorizing the Payment of
General Obligation Bond Debt associated with the Shady
Brook Property be paid from Fund 108 (Public Facilities
Distressed County Funds)
BACKGROUND: Acquisition of the Shady Brook property created general
obligation bond debt. During Public Works (PW)
preliminary 2018 budget discussions, the Board of County
Commissioners (BOCC) directed bond debt service
associated with the Shady Brook acquisition shall be paid
from Fund 108 (Public Facilities Distressed County Funds).
PW has prepared the requested resolution and is ready for
BOCC consideration.
INTERACTION: Public Works, Auditor's Office
RECOMMENDATION: Approve the submitted resolution paying Shady Brook
Bond Debt
HANDLING: Return one original to Public Works
ATTACHMENTS: Exhibit 1: Resolution Directing Shady Brook Bond Debt
Service be paid from Fund 108.
LEAD STAFF: Mark R. Cook, Director
BOARD OF COUNTY COMMISSIONERS
COUNTY OF KITTITAS
STATE OF WASHINGTON
RESOLUTION NO 2018-
A Resolution Authorizing the Payment of the debt on the Shady Brook property from Fund 108
Public Facilities 0.09 Distressed County funds
WHEREAS, on August 18, 2016; the Board of County Commissioners conducted a public
hearing regarding the purchase of the Shady Brook (Shady Acres) Mobile home park. During the public
hearing the board discussed the funding options for debt, which included the 0.09 distressed counties
sales tax, and
WHEREAS, on August 29, 2016, the Board approved Resolution 2016-110 to finance this
purchase and the purchase of a water right along with certain jail improvements, and
WHEREAS, on September 12, 2016, the Board of County Commissioners purchased the Shady
Brook Mobile Home Park in the total amount of $1,452,711.40 including all fees, and
WHEREAS, on December 20, 2016, the County Treasurer received the financing funds with the
amortization schedule as follows, and
1`niod
Bond
"Fatal
pMing
Principal
Coupon
Interest
Debt Service
Bahmce
Bond value
12/01/2017
72,000
1.660%
43,162.64
1t5.162.64
1,439,011)
1,439,000
12/0712018
77,000
2.000%
44,372,40
121,372.40
1,362,000
1,362.000
12:0112019
79,000
2.310°%
42,832.40
121,832,40
1,283,000
1,283,000
12/07/2020
81,000
2.630%
41,007,511
122,007,50
1,202,000
1,202,000
12701/2021
83,000
2.890%
38,81120
121,871.20
1,119,000
1,119,00l)
12/012022
85.000
3.140%
336,478.50
121.478.50
1,034,000
1,034,000
12/01/2023
88,000
3.520%
33,80950
121.80950
946,000
946,000
12101/7024
91,000
3.860%
30,711.90
121911.90
855,000
855,000
12;014025
94,000
4.100%
27.19930
121,199.30
761,000
761,()00
12101!2026
98,000
4.270%
23,345.30
121.345.30
663,000
663,000
12(01/2027
103,000
2.890%
19.160.70
122,160.70
560,000
560,000
I JO L2028
106,000
2.890%
16,184.00
122,184,00
454,000
454,000
12/0/12029
109.000
2.890%
13,120,60
122.120,60
345,000
345,000
12/01/2030
114000
2.890%
9,970.50
121.970.50
233,000
233,000
12/012031
115.000
2.89095
6,133.70
121,73390
118,000
118,000
12/01/2032
118.000
2.8909E
3,410.20
121.410.20
1,511,000
430,376.34
1,941,376,34
WHEREAS, on October 24, 2017, during the preliminary budget departmental study sessions,
the Board made a motion that a resolution be prepared for the Board to approve the debt payments come
from Fund 108 Public Facilities the 0.09 distressed counties sales tax fund.
NOW THEREFORE BE IT RESOLVED, the Board authorizes the County Auditor's office to
transfer the funds from the Public Facilities Fund to Fund 201 2016 General Obligation bond.
Resolution
Page 2
EFFECTIVE this 201h day of March, 2018
BOARD OF COUNTY COMMISSIONERS
KITTITAS COUNTY, WASHINGTON
Laura Osiadacz, Chairman
Obie O'Brien, Vice Chairman
ATTEST
Paul Jewell, Commissioner
Clerk of the Board/Deputy Clerk of the Board