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HomeMy WebLinkAboutResolution 03-158-CCBOARD OF COUNTY COMMISSI Grant County, Washington ORDINANCE NO. 03- ISS -CC RESOLUTION NO. 03-156 -CC ORDINANCE PROVIDING FOR THE DEBT OF FINAL ASSESSMENT ROLL, CRID 2001-1, 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 road improvement districts and levy special assessments therein pursuant to chapter 36.88 RCW; and WHEREAS, the BOCC, by Grant County Resolution No. 01 -146 -CC, adopted on September 11, 2001, duly created Grant County Road Improvement District No. 2001-1 ("CRID No. 2001-1"); and WHEREAS, the BOCC confirmed the final assessment roll for CRID No. 2001-1 and provided for the collection of assessments in order to mitigate the interest expense chargeable to short-term construction financing for CRID No. 2001-1, by Grant County Ordinance/Resolution No. 03 -046 -CC, adopted on January 21, 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 2001-1, 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 2001-1; and WHEREAS, the final balance of the debt after the thirty (30) -day pre -payment period is $63,104.15; and ORDIANCE SETTING CONDITIONS OF CRID 200 1 -1 DEBT Page 1 of 2 H VGd %\M-R\RosoWoonsTmal Assessment Role CRID 2001 I (Dmfi 092003) one 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. 2001-1 project; and WHEREAS, it has been determined that the County has authority to provide permanent internal financing for this debt; and WHEREAS, the terms of financing such debt were previously established, including without limitation as follows: five and three tenths percent (5.30%) 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 2001-1 fund to pay same, over and above amounts required to pay currently maturing installments of interest on the debt. NOW, THEREFORE, BE IT HEREBY RESOLVED THAT, the Grant County Treasurer is directed to make the necessary preparations to provide for said outstanding debt in CRID No. 2001-1. PASSED AND ADOPTED this —ghd— day of December, 2003. BOARD OF COUNTY COMMISSIONERS GRANT COUNTY, WASHINGTON Abstain Ayes Nays ❑ ❑ ❑��� Deborah Kay Moore, Chair ❑ ❑ �LeRoy Tim AT Clerk of the Board ORDIANCE SETTING CONDITIONS OF CRID 2001-I DF,BT Page 2 of 11 TIv119U1-R\Resol0..o 1o.l Assessmcat Role CRID 2001-1 (D aN 092003) d c