Payoff General Fund Interfund Loan Solid Waste

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KITTITAS COUNTY BOARD OF COUNTY COMMISSIONERS RESOLUTION NO._2018-_____ A Payoff a Loan in the amount of $1,093,084.92 plus interest From fund 001 General Fund To fund 401 Solid Waste Fund WHEREAS: On July 2, 2013, the Board of County Commissioners signed an agreement with Washington State Department of Commerce for the Energy Efficiency Grant for the amount of $330,384 and the total project of $1,321,618. The Board of County Commissioners signed a Notice of Intent to finance this project in the amount of $850,000. The amount of the project was $725, 945. WHEREAS: on August 6, 2013, the Board of County Commissioners awarded the Armory Renovation Project to Belsaas and Smith, in the amount of $1,369,000. This was to complete the project that had not been completed by a previous contractor. The total costs above the bond were $800,000. WHEREAS: The Board of County Commissioners approved Resolution 2015-195 authorizing an interfund loan from Solid Waste to the General fund in the amount of $1,525,945; at three percent (3%) interest rate for 10 years. WHEREAS, at the Finance Study session held with the Board of County Commissioners on August 29, 2018, the Board agreed to move forward with the payoff of this loan. WHEREAS, the County Treasurer has calculated the interest due from May 2, 2018 until September 18, 2018, in the amount of $12,577.96 NOW, THEREFORE BE IT RESOLVED; that the Board of County Commissioners, after due consideration, does hereby authorize and direct the County Treasurer to pay off the loan from the General Fund principle $1,093,084.92 and interest at $12,577.96 for a total of $1,105,662.88 to Solid Waste effective September 18, 2018. APPROVED the 18th day of September 2017. BOARD OF COUNTY COMMISSIONERS KITTITAS COUNTY, WASHINGTON ____________________________ Chairman _____________________________ Vice Chairman ATTEST ___________________________ Commissioner ____________________ Clerk of the Board