HomeMy WebLinkAbout14-059 Line of Credit Resolution 14-059
Resolution No. 14-059
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PORT TOWNSEND,
WASHINGTON, AUTHORIZING THE ENTRY OF A CONTRACT WITH CASHMERE
BANK TO PROVIDE A BANK LINE OF CREDIT TO THE CITY
WHEREAS,the City of Port Townsend ("City") plans to complete an energy retrofit,
and to make other improvements to the building that currently houses the police station, the
YMCA, and the food bank, as well as for other capital projects; and,
WHEREAS, the City issued a Request for Proposals (RFP) on September 20, 2014,
which was distributed via email by the City Finance Director and Malinda Okerlund, consultant
with Allen Dashen& Associates; and,
WHEREAS,responses to the RFP were reviewed by staff and by the Finance Committee
at a meeting held on October 29, 2014, with the Committee recommending that the Council enter
into an agreement with Cashmere Bank.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Port
Townsend as follows:
1. The City Manager is authorized to enter into an agreement with Cashmere Bank for a
Bank Line of Credit in the amount not to exceed One Million, Five Hundred Thousand
Dollars and no cents ($1,500,000.00).
2. The City Manager is authorized to take other administrative actions consistent with this
Resolution.
ADOPTED by the City Council of the City of Port Townsend at a regular meeting
thereof, held this 3rd day of November, 2014.
David King
Mayor
Attest. Approved as to form:
A 10 1-�4 A�;V,
Joanna Sanders, CMC Steven L. Gross
City Clerk City Attorney