05/14/2008: "CC Hits Road Fund For Stormwater “Loan”"

The County Council’s idea of taking a loan out out from the Land Bank was, in the words of Councilman Rich Peterson, an idea “we have dismissed…as a possible place to go for a loan.”

Peterson Chairs the Council Sub-committee on Stormwater, and explained to the full council that while the Land Bank had not formally turned down the request for a loan, it “generated enough discussion” that the subcommittee now is recommending that the Commission borrow the money from the county Road Fund.

Councilman Kevin Ranker asked County Administrator Pete Rose “what does it mean as far as an impact to our Road Fund, and what is not going to get done that was proposed to be done because were going to pull two million dollars out of the Road Fund?”

Rose said “it should be totally transparent,” adding that in the last two years Public Works has had a “working balance of no less than three and a half million.” Ranker pressed the question, stating “then nothing is not going to be done?” Rose agreed.

Peterson the loan would be a “line of credit”; and clarified the request to the Land Bank as a potential gain to them in so far as the County would pay back the money to the Land Bank at a higher rate than they currently earn on the money. That is, the money the Council plans on obtaining through some new collection means from property owners will be used to pay back any “loans” or “lines of credit.”

The Council reached a consensus on the proposal to bring a draft ordinance to the Council for the May 20th meeting, that will be spell out the reasons, and the mechanics of how the money will be transferred to a stormwater fund to be used to solve the Eastsound stormwater