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COUNTY OF JEFFERSON
STATE OF WASHINGTON
In the Matter of Providing a Loan )
to Jefferson County Public Utility )
District (PUD) No.1 from the )
County General Fund )
RESOLUTION NO. 52-07
WHEREAS, Jefferson County Public Utility District (PUD) No.1 is a municipal
corporation of the State of Washington; and
WHEREAS, Jefferson County Public Utility District (PUD) No.1 may experience
financial difficulty due to a suspected archeological site related to a project on Beckett Point
and the installation of a large onsite septic system; and
WHEREAS, having a financially healthy, viable PUD is essential to long term
interests of Jefferson County; and
WHEREAS, Jefferson County Public Utility District (PUD) No. I has requested a
loan in order to complete the Beckett Point project; and
WHEREAS, Jefferson County Public Utility District (PUD) No.1 will sign an
interlocal agreement stipulating to terms and conditions of a loan and interest; and
WHEREAS, Jefferson County Public Utility District (PUD) No.1 will reimburse the
Jefferson County General Fund for the approved loan amount;
WHEREAS, completion ofthe Beckett Point project is critical to improving water
quality in Discovery Bay where the County is considering the establishment of a Shell Fish
Protection District.
NOW, THEREFORE, BE IT RESOL VED by the Board of County Commissioners
that they will work together with the Jefferson County PUD No.1 Commissioners to secure
State funding of costs related to archaeology for this and future projects to provide utility
servIces.
BE IT FURTHER RESOL VED by the Board of County Commissioners that they
find and declare that the financial situation of Jefferson County Public Utility District (PUD)
No. 1 affects the needs of the citizens within the County and requires this Board proceed in a
manner and form as herein determined, and that the sum of $500,000 be established as a line
of credit for Jefferson County Public Utility District (PUD) No.1 to draw upon as necessary
from the General Fund.
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Resolution No.
52-07
re: Providing a Loan to JC PUD No. 1
BE IT FURTHER RESOL VED, by the Board of County Commissioners that they
find it to be in the best interest of all Jefferson County that this PUD No.1 project be
successful and therefore, and in addition to any use of the line of credit noted in the
preceding paragraph, the Board of Commissioners commit to paying an amount not to
exceed $250,000 for any necessary archeological services called for by the State Department
of Archaeology and Historical Preservation related to this project.
BE IT FURTHER RESOL VED, that the Board of County Commissioners hereby
commit to examine any other possible means of assisting the PUD No. 1 in moving this
project to a successful conclusion, including becoming a co-guarantor of a loan from a
private financial institution, or any other means that offers a possible path to reach a
successful conclusion.
BE IT FINALLY RESOL VED, that the line of credit will be repaid by June 30, 2008
with interest of 6.19% per annum. The Jefferson County Treasurer may direct payment from
current expense to Jefferson County Public Utility District (PUD) No.1 effective upon
execution of an interlocal agreement.
APPROVED AND SIGNED this /61'1'\
SEAL: "
day of :l:>f\€-.. ,2007.
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tfulie M~tthes, CMC
Deputy Clerk of the Board
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