HomeMy WebLinkAbout52-92 - Res.Interfund Loan Water Quality Improvement Fund '1� 11,-'ti'?
RESOLUTION NO -,.;, Z—
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INTERFUND LOAN
RESOLUTION RELATING TO AN INTERFUND LOAN FROM CURRENT EXPENSE TO
WATER QUALITY IMPROVEMENT FUND FOR THE STATE REVOLVING LOAN
PROGRAM (WATER QUALITY IMPROVEMENT FUND ESTABLISHED BY RESOLUTION
NO. 138-91 (EXHIBIT A) )
WHEREAS, the Board of County Commissioners authorized the
establishment of a State Revolving Loan Program to assist low and
moderate income land owners to install best management practices
on their property to improve water quality;
WHEREAS, the WATER QUALITY IMPROVEMENT FUND (STATE REVOLVING
LOAN PROGRAM) needs operating capital until it receives
reimbursement from the State Department of Ecology;
THEREFORE, BE IT RESOLVED, by the Board of Mason County
Commissioners that an interfund loan be approved as follows :
FROM: CURRENT EXPENSE
TO: WATER QUALITY IMPROVEMENT FUND
TERMS: (A) Amount of Loan $50 , 000 . 00
(B) Annual Rate of Interest of 6 . 0%
(C) Duration seven (7) months - loan due 12/31/92
(D) Method of Repayment: Depart. of Ecology
Reimbursement
PURPOSE: Operating Capital for Water Improvement Fund
DATED this 26th day of May, 1992 BOARD OF COUNTY COMMISSIONERS
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Lai ra E . orter, Ch* irperson-
111fich el D. GiPA- on, m ig"s i n e r
ATTEST: William 0. Hunter, Commissioner
j
Clerk of the Board
APPROVED' AS TO FORM:
AVI
v
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Mike Clift, Deputy Prosecuting Attorney
EXHIBIT A
RESOLUTION NO. 138-91
THIS REOLUTION SUPERCEEDS RESOLUTION NUM13ER 71-91
A RESOLUTION FORMING THE MASON COUNTY ATE QUALITY IMPROVEMENT FUND,
ENTERING INTO THE STATE REVOLVING FUND LOAN E WASHINGTON STATE
DEPARTMENT OF ECOLOGY, COMMITTING TO THE REPAYMENTSAID LOAN, ENTERING
INTO A BLOCK GRANT THROUGH THE WASHINGTON STATE DEPARTMENT OF COMMUNI
TY
DEVELOPMENT, AND ADDRESSING SIMILAR TYPE FUNDING FOR THE PURPOSES STATE
HEREUNDER.
WHEREAS, Mason County has applied for a loan through the State Revolving Fund administered through the
Department of Ecology; and,
WHEREAS, Mason County has applied for a Block Grant through the Washington State Department of Community
Development; and
WHEREAS, Mason County may in the future seek similar funds for water quality improvement; and,
WHEREAS, Mason County has been actively implementing programs to improve water quality since 1984, and
WHEREAS, on-site sewage disposal system failures and poor farm practices continue to threaten the water quality
dependent resources of Mason County; and,
WHEREAS, a County Water Quality Improvement Fund will be used to provide grants and loans to help low and
moderate income land owners to install Best Management Practices on their property to improve water quality;and,
WHEREAS, the State Revolving Fund(S ) loan requires commitment of repayment:
THEREFORE, be it
RESOLVED, that:
1) Mason County establishes the Mason County Water Quality Improvement Fund; and,
2) Establishes impressed checking for the Water Quality Improvement Fund in the amount of$50,000(fifty
thousand dollars); and,
3) Establishes a service fee per each authorized loan to recover loan processing costs, to be set by resolution;
and,
4) Mason County commits that portion of its Current Expense Fund necessary to repay SF loan per the
payment schedule per the loan agreement; and,
5) Applications for grants and loans shall be made through a local lending institution;and,
6) The Mason County Health Director is hereby empowered to select loan recipients from the eligible
candidates according to the Water Quality Improvement Fund priority ranking criteria.
Dated this 3rd day of December, 1991
BOARD OF MASON COUNTY COMMISSIONERS
William O. Hunter
Mic Le Laura E. PorterChairperson Commissioner
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Commissioner