HomeMy WebLinkAboutResolution 17-111-CCBOARD OF COUNTY COMMISSIONERS
Grant County, Washington
RESOLUTION AUTHORIZING RESOLUTION No. 17- 11 I -CC
EXECUTION OF ADDENDUM TO
INTERLOCAL INVESTMENT
SERVICES AGREEMENT BETWEEN
GRANT COUNTY AND THE CITY OF
QUINCY FOR THE CITY'S
INVESTMENT IN GRANT COUNTY
HOSPITAL DISTRICT #2 REGISTERED
WARRANTS
WHEREAS, Chapter 39.34 RCW, the Interlocal Cooperation Act, permits local
governmental entities to make the most efficient use of their powers by enabling them to
cooperate with other localities on a basis of mutual advantage, for the purposes of providing
services and facilities in a manner and pursuant to forms of governmental organization that will
accord best with geographic, economic, population and other factors influencing the needs and
development of local communities; and
WHEREAS, Grant County, Washington, a political subdivision of the State of
Washington by and through its Board of County Commissioners (the "County"), and the City of
Quincy, a Washington municipal corporation (the "City"), are vested with authority to enter into
an interlocal agreement pursuant to chapter 39.34 RCW; and
WHEREAS, the County and City previously entered into an Interlocal Investment
Services Agreement (the "Investment Agreement") for the City to invest fiinds with the County,
through the Grant County Treasurer, operating the Grant County Local Investment Pool (the
"Local Investment Pool"); and
WHEREAS, The Grant County Hospital District No. 2 (the "Hospital District") is a
Washington Public Hospital District formed and operating under RCW 70.44, whose fiinds are
received and deposited with the County, through the County Treasurer, acting as the treasurer of
the Hospital District under RCW 70.44.171. As the treasurer of the Hospital District, the County
Treasurer is the public officer that issues Hospital Warrants; and
WHEREAS, The County holds registered warrants of the Hospital District (the "Hospital
Warrants") in the approximate amount of $4,621,000, representing approximately seven (7)
months' of expenditures of the Hospital District (the "Current Hospital Warren Amounts"). This
means the County is advancing County funds for the Hospital District's benefit; and
WHEREAS, the County is unwilling to advance fiinds for Hospital Warrants above the
Current Hospital Warrant Amounts without the City's proposed investment and the Hospital
District revising its operating structure; and
Resolution re Addendum to Interlocal Investment Services Agreement 1 of 2
WHEREAS, the City is authorized to invest in Hospital Warrants under RCW 39.59.040,
and is willing to invest in Hospital Warrants under an Addendum to Interlocal Investment
Services Agreement and the Hospital District's agreement;
NOW, THEREFORE, BE IT RESOLVED, that the attached Addendum to Interlocal
Investment Services Agreement be executed between Grant County and the City of Quincy.
PASSED AND ADOPTED this 26t" day of December, 2017.
Yea Nay
ATTEST:
50
CleMoe and ❑
BOARD OF COUNTY
COMMISSIONERS
Abstain NT CO N , WASHINGTON
J
Cindy Ca er, air
Richard Stevens, Vice -Chair
Tom Taylor, Member
Resolution re Addendum to Interlocal Investment Services Agreement - 2 of 2