ORD 2005-28 OPEN SPACE FUND INTERFUND LOANORDINANCE 2005-28
AN ORDINANCE OF THE CITYOF BAINBRIDGE ISLAND, WASHINGTON
AUTHORIZING A TEMPORARY INTERFUND LOAN FROM THE CITY'S
GENERAL FUND TO THE OPEN SPACE FUND.
WHEREAS, the Open Space Fund was established by a vote of the people on
November 6, 2001, in which almost 70 percent of Bainbridge Island voters approved $8
million in general obligation bonds to pay the costs of "acquiring or otherwise preserving
forested areas, open space, wildlife habitat, farms and agricultural lands and creating new
trails and passive parks .... "; and
WHEREAS, in December 2001, the City Council approved seven Bainbridge
Island citizen volunteers to serve on an Open Space Commission (OSC) to help the City
government carry out this mandate; and
WHEREAS, the Open Space Commission to date has made and City Council has
approved 17 recommendations for purchase of Open Space Properties totaling 238 acres;
and
WHEREAS the Open Space Commission has expended a total of approximately
$7,740,000 on property acquisition and administrative expenses such as appraisals, title
searches, and consulting services, leaving approximately $260,000 in the Open Space
Fund; and
WHEREAS, the Open Space Commission anticipates that it will recoup $550,000
through the sale of portions of these properties, which sales were anticipated at the time
of purchase in order to acquire easements for access or retain only the most appropriate
portions of larger parcels for the public good; and
WHEREAS, the Open Space Commission currently recommends that Council
approve purchase of the Blossom properties, comprised of three lots, for the purchase
price of $525,000; and
WHEREAS the Open Space Commission will require a temporary transfer of
funds from the City's General Fund to the Open Space fund to cover a portion of the cost
of this purchase, which amount will be remitted to the City's General Fund once the
Open Space fund is refreshed through the planned real property sales; now, therefore,
THE CITY COUNCIL OF THE CITY OF BAINBRIDGE ISLAND, WASHINGTON,
DO ORDAIN AS FOLLOWS:
SECTION 1. The City's Director of Finance and Administration is authorized
and directed by this ordinance to make an interfund loan from the City's General Fund of
the necessary amount to facilitate the purchase of the Blossom properties and
administrative expenses for the remainder of the fiscal year, approximately $300,000, and
appropriate a like amount in the Open Space Fund.
SECTION 2. The loan will bear interest at the Kitsap County Investment Pool
Rate accrued monthly until paid.
SECTION 3. This ordinance shall take effect and be in force five days from and
after its passage, approval and publication as required by law.
PASSED by the City Council this 3rd day of August, 2005.
APPROVED by the Mayor thisSthday of August, 2005.
Darlene Kordonowy, Mayor
ATTE ST/AUTHENTICATE:
Sr~n P-.. ~(~sper, City'Clerkt
FILED WITH THE CITY CLERK: 7/27/05
PASSED BY THE CITY COUNCIL: August
PUBLISHED: August 10, 2005
EFFECTIVE: August 15, 2005
ORDINANCE No. 2005-28
3, 2005