HomeMy WebLinkAboutRes-2018-150 Payoff LoanKITTITAS COUNTY
BOARD OF COUNTY COMMISSIONERS
RESOLUTION NO._2018-JS-0
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 20 J..
BOARD OF COUNTY COMMISSIONERS
WASHINGTON