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HomeMy WebLinkAbout113-08 - Res. Loan from Cumulative Reserve Landfill Fund to North Bay/Case Inlet, Harstine Pointe, and Rustle' ESO1'1 ION NO. /13 ale LOAN 7 P OM CUMU TLA'11Th RESERVE VE AANDFI EL L JFUIND 42f 00-000 3 HE NO P 11 R ..,SAY/CAS i +., a T[ 1 iL SEWER. TATTY U ID 44©3 1OO=O2©9 TEE TIAR pew 1F IK SEWER t 1/7 rY FLIND4110,4000000 AND THE RUS 11 Tf EWOOD SEWER U i 14000090 S 'ENE E Y WH1 dREAS9 the North Bay/Case Inlet Sewer Utility, the Harstene Pointe Sewer Utility any, the Rustlewood Sewer Utility needed financing of the settlement amount for the Sea Fresh Farms, Irtc., et al, ;awsuit; I h EI AS, the Cumulative Reserve Fund is able and willing to provide financing to the North Bay/Case Inlet Sewer Utility, the Eartstene Pomte Sewer Utility, and the Rustaewood Sewer Utility to pay this settlement anmount; VV EREAS, each sewer t.¶terry will pay their share of the settlement amount (and the loan) on a pro-rata formula based on the number of sewer hookups in each sewer utility (See Exhibit A which is hereby incorporated as part of this resolution); NOW THEWORE BE IT 'a. SOLVED, by the Mason County 3oarci of County Commissioners that an interfund loan be established as follows: ES OS IK: Cumulative -{eserve landfill Fund 428-000-000 North Bay/Case Inlet Sewer Utility Fund 403-100-020, Hartstene Pointe Sewer Utility Fund C O-100-000, and Rustlewood Sewer Utility Fund 411- i 00-000. Annual Interest Rate: Principal Amount: Duration of Loan: Debt Repayment: -provide Financing. APPROVE]) this / 'a' 2.4% 5350,000 Three (3) Years Three (3) Years day of &etches' 2200&o BOARD OF COUNTY COMMISSIONERS OLP, Tim Sheldon, C4ajrpersor Ring Erickson,Commissioner ss Gallagher, Commis ' • ner Rebecca S. Rogers, Clerk of th Board C: Treasurer, Auditor/Financial Services, Budget & Finance, Utilities Waste Management, File Sewer Utility North Bay/Case Inlet Harstene Pointe Rustlewood Total Number of Hookups 1,205 533 167 1,905 Percent of Hookups 0 63 0 28 0 09 1.00 Exhibit A Allocation of Settlement $ 221,391 $ 97,927 $ 30 682 $ 350,000.00 Number of Hookups per Kerry Heiser Utilities Waste Management, on 5/13/08. This is the distribution Kerry uses for paying the bills for each utility. 10/8/2008 excel/risk management/SeaFresh Settlement 1