RESOLUTION 2003-21

(To partially repay Current Expense Loans)

 

 

 

WHEREAS, the Board of County Commissioners has reviewed the Current Expense Fund's current indebtedness; and

 

WHEREAS, Resolution 2000-20, (which authorized certain loans), requires that all such debts be reduced by the first available revenues; and

 

WHEREAS, the Current Expenses presently has the following indebtedness:

            Resolution 2000-20       $  190,889.42  plus interest Cumulative Reserve Loan Fund

            Resolution 2000-42      $1,321,584.00 plus interest Equipment Rental Fund

            Resolution 2002-47      $   350,000.00 plus interest Cumulative Reserve Loan Fund

            Resolution 2002-58      $   392,550.00 plus interest Cumulative Reserve Loan Fund

 

WHEREAS, RCW 76.12.030(2) requires the County to first apply state forest board transfer revenues to the reduction of any indebtedness existing in the Current Expense fund; and

 

WHEREAS, the state forest board transfer revenues have been insufficient over the past three years to pay Current Expense indebtedness within the term of the loan; and

 

WHEREAS,   the County received funds from the buyout of its interest in Skamania Lodge that are not yet obligated;

 

WHEREAS, The Commissioners have reviewed and considered the Current Expense Fund's potential and reasonably anticipated future expenditures and revenues, and have determined that this revenue is available to repay the Current Expense Fund's indebtedness.

 

NOW, THEREFORE, BE IT RESOLVED that the County Treasurer is hereby directed to pay on the 12th day of June, 2003  $27,826.05 in state forest board transfer revenues and $1,717,836 in Skamania Lodge buyout revenues for a total sum of $1,745,095.56 , as partial payment of the Current Expense Fund's indebtedness, as follows:

 

            Resolution 2000-20

            Final payment of Loan to Cumulative Reserve Loan Fund (124.000.000)    $   190,889.42

            Interest to 6/12/03                                                                                         $        5,114.78

                                                                                                                                 $    196,004.20

     Resolution 2000-42

     Final payment of Loan Equipment Rental& Revolving Fund                     $1,321,584.00

            Interest to 6/12/03                                                                                         $   211,814.85

                                                                                                                                 $1,533,398.85

 

 

            Resolution 2002-47

            Partial payment of  Loan to Cumulative Reserve Loan Fund               $       4,904.44

            Interest to 6/12/03                                                                                        $     11,354.56

                                                                                                                                $     16,259.00

 

Leaving a principle balance on the loans under Resolution 2002-47 of $345,095.56 and Resolution 2002-58 of $392,550 to be repaid with the first available funds.

 

PASSED IN REGULAR SESSION this 9th day of June 2003.