HomeMy WebLinkAboutResolution 03-159-CCBOARD OF COUNTY COMMISSIONERS
Grant County, Washington
ORDINANCE NO. 03- x.59 -CC
RESOLUTION NO. 03- j1 _ -CC
ORDINANCE PROVIDING FOR THE DEBT OF FINAL ASSESSMENT
ROLL IN CRID 2001-2, AUTHORIZING THE DEBT, AND, OTHER
MATTERS RELATING THERETO
RECITALS:
WHEREAS, Grant County, Washington (the "County"), is a third-class county duly
organized and existing under the Constitution and laws of the State of Washington; and
WHEREAS, the Board of County Commissioners (the "BOCC") is authorized to create
read improvement districts and levy special assessments therein pursuant to chapter ?6.88 RCW;
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WHEREAS, the BOCC, by Grant County Resolution No. 01 -209 -CC, adopted on
December 18, 2001, duly created Grant County Road Improvement District No. 2001-2 ("CRID
No. 2001-2"); and
WHEREAS, the BOCC confirmed the final assessment roll for CRID No. 2001-2 and
provided for the collection of assessments in order to mitigate the interest expense chargeable to
short-term construction financing for CRID No. 2001-2, by Grant County Ordinance/Resolution
No. 03 -047 -CC, adopted on February 4, 2003, and dated April 14, 2003; and
WHEREAS, the BOCC is empowered via the aforementioned ordinances/resolutions
with the authority to issue bonds, an interfund loan, or utilize other funding source, payable from
that portion of assessments confirmed on such assessment roll that are not paid within the thirty
(30) day period for payment provided for by RCW 36.88.270; and
WHEREAS, the BOCC desires to create appropriate accounts to facilitate the
Treasurer's ability to collect and receipt payments of special assessments levied by the BOCC
pursuant to the duly adopted assessment roll for CRID 2001-2, including without limitation,
principal, interest, penalties and administrative fees and, repay and credit the appropriate Grant
County accounts utilized to finance the ordered improvements for CRID 2001-2; and
WHEREAS, the final balance of the debt after the thirty (30) -day pre -payment period is
$6,623.68; and
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WHEREAS, it has been determined that it is in the best interest of the County not to
issue and sell bonds for this debt due to the costs involved in this process and, the amount needed
for the CRID No. 2001-2 project; and
WHEREAS, it has been determined that the County has authority to provide permanent
intemal financing for this debt; and
WHEREAS, the terns of financing such debt were previously established, including
without limitation as follows: five and two tenths percent (5.20%) annually, with interest on the
debt to be payable commencing May 25, 2004, and annually thereafter on each May 25th to the
date of maturity; and
WHEREAS, the debt is redeemable on any interest payment date, plus accrued interest
to the date of fixed redemption, in such amounts as the County Treasurer has money in the Final
Assessment Roll CRID 2001-2 fund to pay same, over and above amounts required to pay
currently maturing installments of interest on the debt.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF GRANT COUNTY, WASHINGTON, the Grant County Auditor is
hereby, directed to make the following budget extension as requested.
PASSED AND ADOPTED this A� day of December, 2003.
Abstain Ayes Nays
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Clerk of the Board
BOARD OF COUNTY COMMISSIONERS
GRANT COUNTY, WASHINGTON
vowel
Deborah Kay Moore, Chair
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