HomeMy WebLinkAbout03-166 DATE SUBMITTED: August 19, 2003 BILL
AGENDA BILL
CITY OF BREMERTON
CITY COUNCIL
SUBJECT: Authorizing Interfund loans to Committee Meeting Date: August 19, 2003
the Wastewater Utility Fund from the Water COUNCIL MEETING Date: August 26, 2003
Utility Fund and Real Estate Excise Tax Department: PW Dept/Finance Dept
Fund Presenter: Gene Sampley and
Michael R. Wilson
Phone: 473-5590
SUMMARY: The Wastewater Utility has debt financing payments due on September 1, 2003 in the
amount of $2,473,810 for the 1992 and 1994 Water and Sewer Revenue Bonds. The Wastewater
Utility has a history of cash deficiencies necessitating the Utility to secure interim funding in the form
ofinterfund loans in order to make these upcoming debt service payments. These loans shall be
secured from the City's Water Utility Fund and Real Estate Excise Tax Fund and repaid to these
respective funds from the Wastewater Utility Fund on or before December 31, 2003, with interest at a
rate of 2.5% per annum.
ATTACHMENTS: A. Resolution authorizing an interfund loan to the Wastewater Utility Fund
from the Water Utility Fund and Real Estate Excise Tax Fund; and B. June, 2003 Cash Flow Report.
FISCAL IMPACTS (Include Budgeted Amount): The fiscal impact to the Wastewater Utility Fund
will be the cost of interest accrued and to be paid on these loans (estimated not to exceed $20,000).
DEPARTMENT DIRECTOR:
CITY ATTORNEY:
F1NANCE DIRECTOR:
MAYOR:
OPERATIONs:FISCAL/BUDGET: '~,, ~ ~ ~' ~CONSENT AGENDA [--]
COUNCIL PRESIDENT:
RECOMMENDED MOTION: It is recommended that the City Council move to approve
Resolution No. &q0¢ authorizing the Director of Finance to make interfund loans from the Water
Utility Ftmd (Fund 401) and the Real Estate Excise Tax Fund (Fund 109) to the Wastewater Utility
Fund (Fund 451) in the amount not to exceed $2,473,810.
COUNCIL ACTION: [~Approve [] Deny [] Table [] Continue [] No Action