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HomeMy WebLinkAbout09 0710 06STATE OF WASHINGTON County of Jefferson In the Matter of Clarifying } the Program of Administering } the Public Infrastructure Fund } ORDINANCE NO. 09-0710-06 WHEREAS, in 1997 and 1999 the State Legislature authorized rural counties to retain a portion of sale and use tax to increase their economy by financing public facilities that will result in new jobs through business expansion and recruitment; and, WHEREAS, the Jefferson County Commissioners established the Community Investment Fund and a program for administering the funds provided to Jefferson County under RCW 82.14.370 with the approval of Ordinance No. 11-1021-02 adopted on October 21, 2002; and, WHEREAS, on January 24, 2005, the County Commissioners approved Ordinance No. 02-0124-OS re-establishing a program to administer the Community Investment Fund and changing the name to the Public Infrastructure Fund; and, WHEREAS, the priority of the Public Infrastructure Fund is to create new jobs by stimulating private investment that will, in turn, improve the economy of the residents of the incorporated and unincorporated areas of Jefferson County; and, WHEREAS, the Public Infrastructure Fund monies shall be invested for economic development in a manner consistent with the goals, policies and objectives set forth in this ordinance. NOW, THEREFORE, BE IT ORDAINED, by the Board of County Commissioners of Jefferson County, Washington, that the following is hereby approved and adopted as the Program for administering the Jefferson County Public Infrastructure Fund. Public Infrastructure Fund Section 1: Goals and Objectives 1 a Policy lb Program Activities lc Public/Private Partnerships ld Priorities 1 e Consistency with Area Economic and Comprehensive Plans Section 2: Standards for the PIF Portfolio 2a Job-Cost Ratio 2b Funding Ratio Page 1 of 14 ORDINANCE NO.09-0710-06 re: Clarifying the Program of Administering the PIF 2c Activities Financed 2d Eligible PIF Fund Recipients 2e Allocation of Financial Resources 2f Eligible Loan Types 2g Eligible Grant Types Section 3: Grant and Loan General Financing Policies 3a Standard Terms Applicable to All Loans 3b Standard Terms Applicable to All Grants 3c Modifying Loan and Grant Terms 3d Standard Interest Rates 3e Special Financing Techniques 3f Bonding Section 4: Collateral and Equity Requirements 4a Fees to Borrowers 4b Composition of the Infrastructure Fund Board 4c Responsibilities of the Infrastructure Fund Board 4d Infrastructure Fund Board Meetings Section 5: PIF Loan/Grant Administrator Capacity Section 6: PIF Application Administrator Capacity 6a Application Administration Responsibilities 6b Jefferson County Loan/Grant Administrator Section 7: Loan Selection, Approval Process and Servicing Section 8: Application Review Process -Staff Functions Section 9: Jefferson County Public Infrastructure Fund Administrative Costs Section 10: Availability of Loans and Grants Section 11: Other Considerations Section 12: Definitions Section 13: Repeal of ORDINANCE NO. 02-0124-OS Section 14: Severability Section 15: Venue Page2of14 ORDINANCE NO. 09-0710-06 re: Clarifying the Program of Administering the PIF Section 1: Goals and Objectives In 1997 and 1999, the state legislature authorized rural counties to retain a portion of sales and use tax (.04% in 1997; increased to a total of .08% in 1999) to finance public facilities. The goal of the legislation is to provide additional funds to increase the economy of the rural counties by financing public facilities that will result in new jobs through business expansion and recruitment. Funds from the Public Infrastructure Fund, herein after referenced as PIF, shall be used to improve the economy in the incorporated and unincorporated areas of Jefferson County, through the use of grants and low interest loans for public facilities. Policy The administering of the moneys provided to Jefferson County under RCW 82.14.370 shall be referred to as the Public Infrastructure Fund, or the PIF. PIF money shall be invested for economic development to support the development of job related public facilities in a manner that is consistent with the goals, objectives, and policies outlined herein. Program Activities The essential activities of the PIF include the creation of new jobs and income by improving the economy by the following: 1. Promote the ongoing operation of businesses; 2. Promote the expansion of existing businesses; 3. Attract new business investment; 4. Assist in the development of new businesses from within the incorporated and unincorporated areas of Jefferson County; and 5. Provide family wage jobs to the citizens of the County Public/Private Projects Moneys collected under this section shall only be used for financing public facilities in rural counties. In implementing this section, the county shall consult with cities, towns, the PUD and port districts located within the county. For the purposes of this section, "public facilities" means bridges, roads, domestic and industrial water facilities, sanitary sewer facilities, earth stabilization, storm sewer facilities, railroad, electricity, natural gas, buildings, structures, telecommunications infrastructure, transportation infrastructure, or commercial infrastructure, and port facilities in the state of Washington. Priorities The priority of the PIF is to create an environment that encourages the creation of new jobs by stimulating private investment that will, in turn, improve the economy of the residents of the incorporated and unincorporated areas of Jefferson County. Grants and loans shall only be given to support the creation of public facilities that improve the economy. The following criteria shall be used to evaluate projects: Page 3 of 14 ORDINANCE NO.09-0710-06 re: Clarifying the Program of Administering the PIF 1. Improvements that have a large job creation-to-funding ratio. 2. Retention or expansion proposals that exhibit a higher probability for supporting immediate basic industry job opportunities, will be given a priority over recruitment proposals that do not provide a similar probability. 3. Projects that leverage public and public/private financial partnerships. 4. Accelerated repayment schedules. 5. Redevelopment, in-fill and expansion of existing infrastructure systems. 6. Higher match percentage and the use of outside fund leveraging. Match may include project-related expenditures for a period up to one year prior to the request for funding. 7. Projects that will immediately benefit the incorporated or unincorporated areas of Jefferson County. 8. Projects that successfully mitigate for significant adverse environmental impacts, if applicable. Consistency with Area Economic and Comprehensive Plans In addition to compliance with general federal, state and local laws, all projects must be consistent with the county's economic development section of the county's comprehensive plan, or the comprehensive plan of the incorporated area(s) of Jefferson County. Section 2: Standards for the PIF Portfolio This section outlines the general standards to be achieved by the PIF portfolio as a whole. Individual loans and grants may vary but PIF loans and grants shall generally conform to the standards specified in this section. Variations shall be premised upon one or more of the following: critical timing; emergent opportunities: enhanced immediate or long-term economic benefits. Job/Cost Ratio Applications demonstrating a lower investment per job shall be given preference. The job types can be categorized as unskilled, semi-skilled, and skilled. Funding Ratio Funds provided shall not exceed 50% of the project cost. The cost may include in-kind expenses. Activities Financed PIF funds shall only be spent to support the development of public facilities within Jefferson County and the administration of the PIF. PIF funds shall not be spent on the construction of public facilities that do not improve the economy. Page 4 of 14 ORDINANCE NO. 09-0710-06 re: Clarifying the Program of Administering the PIF Eligible PIF Fund Recipients Eligible PIF fund recipients shall include local public agencies within Jefferson County. All applications shall include a resolution of support adopted by the governing body of the public agency applying for the funds. Allocation of Financial Resources To conserve fund equity, principal deferrals or similar flexible repayment techniques should be used to offset financial hardship in lieu of grants, where possible and feasible. Eligible Loan Types All PIF funds shall be used only for projects that are consistent with all other goals, policies, and requirements as defined herein. Loan projects must. meet the following criteria: 1. Moneys collected under this section shall only be used for financing public facilities in rural counties. In implementing this section, the county shall consult with cities, towns, and port districts located within the county. For the purposes of this section, "public facilities" means bridges, roads, domestic and industrial water facilities, sanitary sewer facilities, earth stabilization, storm sewer facilities, railroad, electricity, natural gas, buildings, structures, telecommunications infrastructure, transportation infrastructure, or commercial infrastructure, and port facilities in the state of Washington; all for the purpose of job creation, job retention, or job expansion, herein before and hereinafter referred to as a public facility. 2. The loan term of the loan shall not exceed the useful life of the asset. 3. The loan must improve the economy for the incorporated or unincorporated areas of Jefferson County. 4. Loan projects shall result in the direct and immediate development of a public facility. 5. Loans shall be used as a pledge of funding to leverage other sources of funding for financing public facilities that are found to be consistent with all other goals, policies and requirements as set forth herein. Eligible Grant Types Grants shall be used as a pledge of funding to leverage other sources of funding for financing public facilities and which are found to be consistent with all other goals, policies and requirements as set forth herein. Section 3: Grant and Loan General Financing Policies The loan to grant funding ratio shall follow the following guidelines, unless specifically authorized to deviate by the Board of County Commissioners: • The fund shall have 50% committed to the grant program and 50% committed to the loan program. • Determination for loan disbursements will be based upon a review by the PIFB of the merits and strengths of the proposed project. • If practical, the Board of County Commissioners may fund all elements from bond proceeds if that is deemed to be advantageous to the PIF. Page5of14 ORDINANCE NO. 09-0710-06 re: Clarifying the Program of Administering the PIF Standard Terms Applicable to All Loans Subject to final approval by the Board of County Commissioners, the terms for repayment of the PIF loan are subject to negotiation with the borrower, in accordance with the following guidelines: 1. The date of interest payment, unless negotiated otherwise, shall be due every June 1 until the loan is satisfied. The date of interest payment and principal shall be due every December 1 until the loan is fully satisfied. A negotiated moratorium on the principal maybe considered, but for no more than six (6) months from the date of disbursement. The Public Infrastructure Board (PIFB) shall review proposed exceptions. 2. The amortization for each loan shall not exceed ten (10) years. Interest rates, origination and other fees shall be determined at the time of application. 3. The rate of interest will be based on the Local Government Pool Rate as of the last business day of the preceding month, and subject to a loan origination fee. 4. The PIF may specify or limit the uses of PIF funds if deemed necessary and prudent. 5. The PIF and Treasurer may include special clauses in a loan agreement that stipulates payments, decreased payments, or increased repayment amounts under certain circumstances. Such circumstances may include, but are not limited to one or more of the following: • any delay in repayment, • project cost overrun, or • project cost overestimate In each case where such a clause is utilized,~the language shall clearly establish the thresholds that would cause a change in the payment schedule. These thresholds may include, but are not limited to, the completion of a project ahead of the deadline(s). 6. Specific performance required of the borrower, including meeting payment schedules, timely completion of prof ect phases, and other conditions of the loan, shall be specified in each contract between the County and the borrower. Failure to comply with the terms of the loan will cause the borrower to be in default, the PIF Administrator may accelerate debt repayment or demand full payment. The terms will also include the rights of the borrower to cure the default. 7. Detailed penalty fees, and rates in case of default, and late payment penalties shall be contained in the contract between the County and the borrower. 8. There will be no prepayment penalty assessed for a principal reduction or early satisfaction of the loan. 9. A compliance system shall be in place that defines the deadlines for completing specific project phases directly related to the loan. The monitoring system should include penalties for not achieving predetermined deadlines. 10. Loan disbursements should be consistent with progress of the project including the commitment of other necessary funding sources. Verification via an on-site visit written documentation may be required before funds are disbursed. Note: A system of draws will be put in place depending on size of loan. Page6of14 ORDINANCE NO. 09-0710-06 re: Clarifying the Program of Administering the PIF Standard Terms Applicable to All Grants Subject to final approval by the Board of County Commissioners, the terms for PIF grants are subject to negotiation, in accordance with the following guidelines: 1. Funds maybe disbursed upon completion of the project, or as draws upon completion ofpre-determined phases of the project. The method of disbursement will be determined upon approval of the grant request. 2. The PIFB may specify or limit the uses of PIF funds if deemed necessary and prudent. 3. The PIFB and the Treasurer may include special clauses in a grant agreement, which require a repayment of some or all of the grant funds under certain circumstances. Such circumstances may include but are not limited to one or more of the following: • Project cost overrun, • Project cost overestimate, or • Unreasonable non-compliance with project timelines • Impossibility of performance by borrower • Acts of God making performance impossible • Lack of PIF funds due to decreased sales tax revenues 4. A compliance system shall be in place that states timelines for completing specific activities directly related to the grant. The activities should be detailed as to the characteristics. The compliance system should include penalties for not achieving predetermined deadlines. 5. Grant disbursements should be consistent with progress of the project including the commitment of other necessary funding sources. 6. Public Works Trust Fund Construction Loan Program/Matching Program: This mechanism provides for a local match against the Public Works Trust Fund Construction Loan Program, which is one of four loan programs under the umbrella of the Public Works Trust Fund. This is aloes-interest revolving loan fund designed to help local governments finance critical public works projects. Eligible applicants for this program are -Counties, Cities and Towns and Special Purpose Districts. Eligible projects include repair, replacement, rehabilitation, reconstruction, or improvement of eligible public works systems to meet current standards for existing users, and may include reasonable growth as part of the project. Six types of systems are eligible for funding: domestic water, storm sewer, solid waste/recycling, sanitary sewer, and road, bridge. The interest rate is linked to the percentage of the local match: 15% Local Match = 0.5% Interest Rate 10% Local Match = 1 % Interest Rate 5% Local Match = 2% Interest Rate The loan term is for the life of the project, or 20 years, however, projects must be completed within 48 months after contract execution. The PIF maybe used as a matching grant and or loan for eligible public entities provided the project fulfills the requirements of RCW 82.14.370, the result of the project is the creation of new jobs through business expansion and recruitment. Page 7 of 14 ORDINANCE NO. 09-0710-06 re: Clarifying the Program of Administering the PIF Modifying Loan and Grant Terms PIF loan and grant the PIF Loan/Grant Administrator shall properly document terms. There maybe circumstances that warrant modification of the original terms of the loan or grant. The borrower or grantee may apply for modification using forms provided by the PIF Loan/Grant Administrator and shall clearly state the facts supporting the request for modification. The borrower or grantee shall also provide supporting documentation. The PIF Loan/Grant Administrator shall review and process the request in the same manner as the original application. As with the original loan or grant, final approval rests with the Board of County Commissioners. Any modification to PIF Loan terms must be in writing and agreed to by the PIF Loan Administrator and the Borrower. The PIF Loan/Grant Administrator may recommend corrective action to the terms of a loan or grant to the Board of County Commissioners without a request from the borrower or grantee, but shall give the borrower or grantee fourteen (14) days notice of any such corrective action. Standard Interest Rates Interest shall be agreed upon at the time of application. PIF income will be reinvested into the PIF. The rate of interest will be based on the local Government Pool Rate as of the last business day of the preceding month. Special Financing Techniques PIF loans and grants shall be part of a larger package involving other funding sources. PIF loans and grants should be used to leverage other funding sources toward the total project financing. Bonding Bonding shall be permitted. Section 4: Collateral and Equity Requirements Collateral may not be required for PIF fund recipients if mutually agreed to by the Administrator and borrower. Generally, PIF loans shall be made on a direct basis by the loan fund to the borrower. The County shall receive all payments of principal, interest, and penalties. Loans to eligible borrowers will not be secured. However, loans will be general obligations of the eligible PIF fund recipient, committing its full faith and credit. Care will be taken that proper borrowing or grant-funding resolutions are obtained. Loans shall not be made which will cause the jurisdiction to exceed its legal borrowing limits. Fees to Borrowers All customary and usual loan fees maybe charged to applicants including, but not limited to, title insurance, escrow, attorney fees, recording fees, and loan origination fee. Page8of14 ORDINANCE NO. 09-0710-06 re: Clarifying the Program of Administering the PIF The Jefferson County Treasurer shall assume the responsibility for loan and grant administration of the funds. The County Administrator shall assume the responsibility of application administration for the fund. Final policy making authority for the Public Infrastructure Fund, shall rest with the Jefferson County Board of Commissioners. However, in order to achieve the goals and policies of the PIF, the County shall maintain a Public Infrastructure Fund Board. Composition of the Public Infrastructure Fund Board The PIFB shall consist of no more than seven (7) members. The Public Utility District #1, the City of Port Townsend, the Port of Port Townsend and Jefferson County shall each have the right to appoint one elected official or their designee to serve on the PIFB. The remaining three seats shall be considered at-large positions and will be filled as follows: one representative from each Commissioner District will be appointed by the BOCC. At-large members to the PIFB will possess some experience or expertise in private sector business development and or financing. The Board of County Commissioners shall signify final approval and appointment of the members of the PIFB by the adoption of a resolution. Criteria For PIFB Members. Members of the PIFB should possess the technical knowledge necessary to evaluate project proposals based on their technical and economic development merits. Any person acting pursuant to the PIFB shall comply with all state and local ethical requirements and conflict of interest laws. Responsibilities of Public Infrastructure Fund Board The PIFB shall be responsible for making recommendations to the Board of County Commissioners who shall have final authority to approve or deny any and all applications. The PIFB may make recommendations for improving the administration of the PIF to the Board of County Commissioners. Public Infrastructure Board Meetings Meetings of the PIFB shall be conducted in accordance with State law and the procedures commonly known as "Robert's Rules of Order." The PIFB shall meet in a timely manner, no more than 30 days after a complete application has been received. All actions by the Board shall be expressed by motion and/or resolution. All motions and resolutions, once in final written form, shall be signed as approved by the chairperson on behalf of the PIFB. The PIFB may transact business via teleconference. Teleconference meetings shall be announced in accordance with state law. A speakerphone shall be utilized during the public meeting to allow members of the public to hear PIFB proceedings and, at the discretion of the Chair, participate in discussions by PIFB members. Page 9 of 14 ORDINANCE NO. 09-0710-06 re: Clarifying the Program of Administering the PIF No representations shall originate from any member of the PIFB utilizing the name of the Public Infrastructure Fund Board to endorse or oppose any issue, unless a majority of the members of the PIFB approve such position. uorum A quorum shall be considered present for a PIFB meeting when at least five (5) members are present. Voting The voting on elections, motions, and resolutions shall be by voice vote. In lieu of voice vote, members may request a roll call vote. Any member of the PIFB may request a roll call vote. A majority of affirmative votes by PIFB members present at the meeting are necessary for the exercise of any power or function of the PIFB. Section 5: Loan/Grant Administrator Capacity The Jefferson County Board of Commissioners shall designate a PIF Loan/Grant Administrator for the Public Infrastructure Fund. The administrative costs associated with the PIF shall be covered by the funds submitted to the County Treasurer's Office as a result of RCW 82.14.370 Section 6: PIF Application Administrator Capacity The County Administrator, or his/her designee, shall be the Application Administrator of the PIF Fund Program. Application Administration Responsibilities Applications shall be in accordance with local economic development priorities established by the jurisdictions. Guidelines and application materials shall be available to eligible borrowers. The PIF Application Administrator shall review all preliminary applications for the PIF submitted by eligible borrowers. This review shall determine the suitability of the proposal for funding under these program guidelines and judge the overall integrity of the proposal. Jefferson County Loan/Grant Administrator This function will oversee loan/grant recipient compliance with all conditions required by the PIF. The compliance function will end only upon satisfaction of the loan or completion of the project funded by a grant. All appropriate federal, state and local requirements shall be disclosed to each prospective PIF funding recipient at the time of application. A system will be established to ensure compliance with financial and programmatic responsibilities prior to the issuance of any loan or grant. The Loan/Grant Administrator shall work in conjunction with the Jefferson County Department of Public Works to ensure that projects are progressing to full completion. To do this the Loan/Grant Administrator shall have the ability to perform site inspections. Page 10 of 14 ORDINANCE NO. 09-0710-06 re: Clarifying the Program of Administering the PIF The PIF Loan/Grant Administrator and the County Treasurer's Office are responsible for the prudent management of the funds. This role includes substantial responsibilities to ensure that federal, state, and local requirements are met. The responsibilities include an annual review to determine if the PIFB's actions are in compliance with the policies and procedures contained in the PIF plan. Section 7: Loan Selection, Approval Process and Servicing The Jefferson County PIF Loan/Grant Administrator shall develop all forms necessary for implementation of the PIF. The application shall describe the basic eligibility requirements and the selection criteria essential to successful applications. Section 8: Application Review Process -Staff Functions The County Administrator, or his/her designee shall help prepare and review the applications for program objectives, eligibility requirements, selection criteria, and loan terms with any potential applicant. A written summary of each proposal shall be prepared to accompany each application. When a completed application is submitted, the PIF Loan/Grant Administrator shall take responsibility for reviewing the application. The PIF Loan/Grant Administrator is responsible for ensuring that each application package submitted to the PIFB for review is complete. Project applicants submitting incomplete documentation will be noticed within ten (10) business days of receipt. The application shall be checked against eligibility criteria, program objectives, financial feasibility, selection criteria, environmental requirements, civil rights requirements, and other program considerations. The PIF Loan/Grant Administrator may request any additional information not submitted with the application that the PIF Loan/Grant Administrator deems necessary for the PIFB to review the application. A decision by the PIFB to approve or deny a loan or grant application is not appealable, however an eligible borrower may submit a proposal more than once. Treasurer's Office Services The Jefferson County Treasurer's Office shall be responsible for monitoring all loan repayment schedules and performance and for reporting delinquent loans. Any loan that is in excess of thirty-days past due must be brought to the attention of the PIF Loan/Grant Administrator. In the case that the Treasurer's Office learns of adverse circumstances that may affect the loan, the Treasurer's Office shall notify the PIF Loan/Grant Administrator. Staff Administrator Monitoring Activities A system for monitoring the progress of each loan and grant shall be in place prior to issuance of the loan or grant, and is the responsibility of the PIF Loan/Grant Administrator. The monitoring system should utilize financial reports from the Treasurer's Office and gather information on project completion and performance. Technical oversight for a project should Page 11 of 14 ORDINANCE NO. 09-0710-06 re: Clarifying the Program of Administering the PIF be in collaboration with the Jefferson County Public Works Department to ensure that projects are proceeding in the agreed upon manner. Failure to comply with the terms and conditions of the loan or grant, whether financial or programmatic, shall require the PIF Loan/Grant Administrator to initiate corrective action with the PIF fund recipient. Corrective action plans shall be part of the loan/grant agreement that prepared in writing and shall be signed by the PIF fund recipient. Penalties maybe assessed in accordance with the PIF fund recipient's loan or grant agreement. Corrective action plans shall become a legally binding part of the loan or grant agreement between the recipient and the County. In the event of serious failure to comply with the terms and conditions of the program or financial default, the PIF Loan/Grant Administrator shall call an emergency meeting of the PIFB to consider remedial steps. Decisions of the PIFB regarding non-complying loans and grants shall be in writing and appeal able to the Board of Jefferson County Commissioners. The PIF Loan/Grant Administrator shall prepare an annual summary evaluation of the PIF including financial performance, number of jobs directly created, comparison of projected and actual benefits, recommendations to improve operations, the number of activities financed and their outcomes, the uses made of interest payments, the achievement of environmental goals, benefits of the program, and an evaluation of the program's overall administration. Section 9: Public Infrastructure Fund Administrative Costs Administrative costs for managing the PIF shall be funded by moneys provided to the Jefferson County Treasurer's Office per RCW 82.14.370. PIF funds shall not be spent on the administration of other programs. Administrative costs shall not exceed five percent (5%) of annual fund proceeds. Section 10: Availability of Loans and Grants Proceeds returned to the fund, pending the approval of new loans or grants, shall be held with the Jefferson County Treasurer's Office. The Treasurer's office shall manage the funds in a manner consistent with law and shall return all interest income to the fund. Section 11: Other Considerations The project must comply with all federal, state, county, and city regulations. Section 12: Definitions 1. EDC -Jefferson County Economic Development Council. Page 12 of 14 ORDINANCE NO. 09-0710-06 re: Clarifying the Program of Administering the PIF 2. Emergent Opportunity - A project attracting a business that would significantly improve the economy. The business that the project is intended to attract must be prepared to locate in Jefferson County. 3. In-kind Expenses-The donated or loaned real or personal property, volunteer services, and employee services. 4. PIFB -Public Infrastructure Fund Board. PIF -Public Infrastructure Fund 6. PIF Loan/Grant Administrator -The person(s) charged by the Board of County Commissioners to carry out the duties of the PIF assigned within this ordinance to the PIF Loan/Grant Administrator, and any other duties relating to the PIF assigned by the Board of Commissioners. 7. PIF Application Administrator -The County Administrator, or his/her designee shall carry out the duties assigned within this ordinance as the Application Administrator. 8. PIF Portfolio - A list of projects that have received PIF funding. The PIF Portfolio should include a job to cost ratio, annual income, and the current fund balance. 9. Local Government Pool Rate -The rate of interest charged for loans as determined by the Local Government Investment Pool (LGIP) enacted by RCW 43.250.010. 10. Project -The planned construction of a public facility that has applied for PIF funding. 11. Public Facility -Shall include bridges, roads, domestic and industrial water facilities, sanitary sewer facilities, earth stabilization, storm sewer facilities, railroad, electricity, natural gas, buildings, structures, telecommunications infrastructure, transportation infrastructure, or commercial infrastructure, and port facilities, if listed as an item in the officially adopted county overall economic development plan, or the economic development section of the county's comprehensive plan, or the comprehensive plan of the incorporated area(s) located within Jefferson County. Section 13: Repeal of ORDINANCE N0.02-0124-OS ORDINANCE NO.02-0124-OS is hereby repealed in its entirety by the adoption of this ordinance. Section 14: Severability If any provision of this ordinance or its application to any person or circumstance is held invalid, the remainder of this ordinance or the application of the provisions to other persons or circumstances are not affected. Page 13 of 14 09-0710-06 ORDINANCE NO. re: Clarifying the Program of Administering the PIF Section 15: Venue For any lawsuit arising from this Ordinance, any loan granted by the BOCC from PIF funds, or any decision of the PIFB, venue shall lie only in the Superior Court in and for Jefferson County. APPROVED AND ADOPTED this 10th day of J~-y , 2006. 7~+"` 1~ . . uv~~ ~ ~ '~ fl~~ .l', , 1oF " '~~i ~~ ~ s T ~ ~ ~ ` ~ ~ ~ m~ -~ ~~ ~~~ ' ; e 't -. r f p~...~'^ ' ~ ~ ,~ . A.T'1~S'T': v ,~ s . Julie Matthes, CMC Deputy Clerk of the Board APPROVED A TO FORM: ~ Zb v David Alvarez, Deputy Prosecuting Attorney JEFFERSON CO,~TY BOARD,OF COMMISSIONERS C` Phil Johnson, c~2, ~~~ David W. Sul ivan, Mem er atrick Ro gers, Member Page 14 of 14 NOTICE OF PUBLIC HEARING NOTICE IS HEREBY GIVEN that a public hearing is scheduled by the Jefferson County Board of Commissioners for MONDAY. Julv 10. 2006 at IONS a.m. in the Commissioners' Chambers, County Courthouse,1820 Jefferson Street, Port Townsend, WA 98368. This public hearing has been scheduled for the Commissioners to take comments both for or against a proposed ordinance that will replace ORDINANCE NO.02-0124-OS which established the program for administering the Jefferson County Public Infrastructure Fund. A summary of the ordinance is provided below. A copy of the draft ordinance is available in the Commissioner's Office at the Courthouse. Signed this '~,,, t: ,/±day of -_) ~ ~1^~ `_ , 2006. JEFFERSON COUNTY ~f~~s~~" SSIONERS 1 Phil Johnson, hairman STATE OF WASHINGTON County of Jefferson In the Matter of: Clarifying } the Program of Administering } the Public Infrastructure Fund } ORDINANCE NO. Policy: The administering of the moneys provided to Jefferson County under RCW 82.14.370 shall be referred to as the Public Infrastructure Fund, or PIF. PIF money shall be invested for economic development to support the development of job related public facilities in a manner that is consistent with the goals, objectives, and policies as outlined. Section 1: Goals and Objectives includes Program Activities, Public/Private Partnerships, Priorities, Consistency with Area Economic and Comprehensive Plans Section 2: Standards for the PIF Portfolio include Job/Cost Ratio, Funding Ratio, Activities Financed, Eligible PIF Fund Recipients, Allocation of Financial Resources, Eligible Loan Types, and Eligible Grant Types Section 3: Grant and Loan General Financing Policies include Standard Terms Applicable to All Loans, Standard Terms Applicable to All Grants, Modifying Loan and Grant Terms, Standard Interest Rates, Special Financing Techniques, and Bonding Section 4: Collateral and Equity Requirements include Fees to Borrowers, Composition of the Public Infrastructure Fund Board, Responsibilities of Public Infrastructure Fund Board, and Public Infrastructure Fund Board Meetings Section 5: PIF Loan/Grant Administrator Capacity Section 6: PIF Application Administrator Capacity includes Administration Responsibilities and Jefferson County Loan/Grant Administrator Section 7: Loan Selection, Approval Process and Servicing Section 8: Application Review Process Staff Functions Section 9: Public Infrastructure Fund Administrative Costs Consent Agenda JEFFERSON COUNTY BOARD OF COUNTY COMMISSIONERS AGENDA REQUEST TO: Board of County Commissioners John Fischbach, County Administrator DATE: June 24, 2006 SUBJECT: HEARING NOTICE re: In the Matter of: Clarifying the Program of Administering the Public Infrastructure Fund STATEMENT OF ISSUE: In 2002, the Community Investment Fund was established by ordinance which sunset in 2004. In 2005, the Fund was re-established and renamed the Public Infrastructure Fund (PIF.) In the 2005 ordinance, the Executive Director of the Jefferson County EDC was given the responsibility of dealing with the PIF application process and the PIF Board meetings. ANALYSIS: On March 20, 2006, the Board approved Resolution No. 12-06 in the matter of establishing an Economic Development Fund under the County Administrator. This was the result of a re-organization of the Jefferson County Economic Development Council. The County Commissioners agreed that it was in the best interests of the citizens that the County establish an economic development function in the County government. The 2005 ordinance is being replaced to put the responsibility of the PIF application process and the PIF Board under the County Administrator. RECOMMENDATION: The Chairman sign the hearing notice for the proposed ordinance to clarify the program of administering the Public Infrastructure Fund. REVIEWED BY: John Fisch ach, County Administrator Date