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RESOLUTICN l'().
26 - 71
A RESOLUTION providing for the creation of a special fund to
control the accounting covering the payments
of the acquisition and installation of bleachers
and roof in Memorial Field; authorizing a
borrowing to secure funds therefore and fix-
ing a method for repayment.
WHEREAS, heretofore it has been deemed advisable that Jeff-
erson County construct a roof and bleachers in Memorial Field, and
WHEREAS, the present financial condition of the Current Ex-
pense Fund precludes the making thereof without borrowing, and
WHEREAS, Engrossed House Bill No. 248, Section 1, adopted
1971, First Ex. Session, in accordance with the provisions of RCW 36.40,
permits borrowing when used for a specific purpose which in this instance
shall be the cost of construction of bleachers and roofing in Memorial Field,
and that the net amount needed for the purpose is the sum of $ 52, 000. 00
less the amount accumulated in the Current Expense Fund.
It is hereby found and declared that the public welfare, conven-
ience and the uninterrupted operation of the public service requires this
Board of County Commissioners proceed in manner and form as herein de-
termined, and that the sum of $ 52,000.00
be bor rowed from the
County Road Fund, the same to be repaid in three equal annual installments,
together with interest at the rate of ~(l) per cent per annum, now there-
fore,
BE IT RESOLVED that in order to accomplish the objectives a-
foresaid and to comply, as near as may be with statutory law and with the
rules and regulations as promulgated by the Division of Municipal Corpora-
tions of the office of the State Auditor, the Treasurer of Jefferson County,
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Resolution No. 26-71 con't.
be and he is hereby authorized and empowered to create a fund in his office
to be known as the MEMORIAL FIELD CONSTRUCTION FUND and to forth-
with transfer from the County Road Fund into the fund hereby created the
said sum of $ 52, 000. 00
, and
Be it further RESOLVED, and this Board of County Commission-
ers irrevocably binds the Current Expense Fund of Jefferson County to the
prompt re-payment of said borrowing, this is to s~y, - to cause to be ex-
tended on the tax rolls of Jefferson County for collection during the years
1972, 1973 and 1974, a tax levy in an unlimited amount payable for the use
and benefit of said MEMORIAL FIELD CONSTRUCTION FUND so as to
amortize said lean of $ 52, 000. 00
, and interest, as follows:
One-third thereof to be paid on or before August 15, 1972, to-
gether with interest at the rate of 1% per annum from date of transfer
from the County Road Fund until paid;
One-third thereof to be paid on or before August 15, 1973, to-
gether with interest on the remaining unpaid balance from August 15, 1972
until paid;
One-third to be paid on or before August 15, 1974, together
with interest on the remaining unpaid balance from August 15, 1973,
PROVIDED HOWEVER, that nothing shall prevent the sooner
liquidation of said loan if financially feasible, and
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Be it further RESOLVED that the County Auditor of Jefferson
County be and she is hereby authorized to draw warrents on said
MEMORIAL FIELD CONSTRUCTION FUND, not exceeding said sum
of $ 52, 000. 00
, upon the presentation of properly approved
vouche rs.
ADOPTED this
12th day of
July
, 1971.
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BOARD OF COUNTY COMMISSIONERS
JEFFERSON COUNTY, WASHINGTON
LJ:JJt, ~
A. M. O'Meara, C airman
SEAL:
( V {l1t4 tJ "FLQ
Walter A. Kelly, Member
APPROVED as to form:
William J. Daly,
Prosecuting Attorney