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STATE OF WASHINGTON
County of Jefferson
In the matter of Amending Resolutions
96-00 and 22-01 to renegotiate a loan
for the Port Ludlow Drainage District
RESOLUTION NO. 97-01
WHEREAS, Resolution 96-00 and 22-01 authorized a loan and loan
interest rate for the Port Ludlow Drainage District; and,
WHEREAS, unexpected start-up costs have created a financial burden on
the Port Ludlow Drainage District; and,
WHEREAS, over the years, Jefferson County has made loans to other
agencies and districts and has consistently established an interest rate
comparable to the current rate secured through the County's investment
practices and a term consistent with other comparable loans, the Treasurer
recommends that the same be done for this loan.
NOW, THEREFORE, BE IT RESOLVED, that the Board of County
Commissioners hereby renegotiates a loan for the Port Ludlow Drainage District
at rates and terms outlined in the attached sheet.
ADOPTED AND APPROVED on this J l..f.h-- day o~ 2001.
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Lorna Delaney, CMC a
Clerk of the Board
JEFFERSON COUNTY
BOARD OF: COMMISSIONERS
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(Note Consent Agenda or Regular Agenda)
(Note Department)
JEFFERSON COUNTY
BOARD OF COUNTY COMMISSIONERS
AGENDA REQUEST
TO:
Board of County Commissioners
THROUGH:
Charles Saddler /\ ri\
Judi Morr~, T""U"\ \ ~ \
December 17, 2~
FROM:
DATE:
SUBJECT:
Port Ludlow Drainage District
STATEMENT OF ISSUE: The Port Ludlow Drainage District is experiencing fmancial concerns as start-up costs are more
than anticipated. Their budget forecasts for drainage projects has been diminished with the repayment of the county $44,500.00
loan in 2002. An impending software cost of$16,710.00 for assessment billing and collection places an additional burden on the
district.
ANALYSIS: Further discussions with Compu-Tech (software vendor) and Information Services enhanced our view of the
software enhancement. The changes will be more widely used then originally thought, and will be of benefit to future assessment
districts and processes.
The original loan of $44,500.00 at 6.45% interest is to be paid in full in 2002. Renegotiating the loan at a lower interest rate and
for a longer term will benefit the district and not have a negative impact on the county.
Conditions; 6.45% interest for December 2000 through to December 2001. Current State Pool rate of2.3% applied to principle for
balance of term. Payments made May 1 sl of each year with the fmal payment may I, 2006. First payment made May 1, 2002 for
interest only. (See attached loan break down)
FISCAL IMP ACT: No negative impact to county. Loan will be repaid at current investment rate.
RECOMMENDATION: Approve renegotiation ofloan and absolution of software expense.
REVIEWED BY:
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Charles Saddler, County Administrator
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