HomeMy WebLinkAbout03-187DATE SUBMITTED: September t9, 2003 BILL # _/9 ~ ~ l r.~.. ~
AGENDA BILL
CITY OF BREMERTON
CITY COUNCIL
SUBJECT: Resolution - Interagency Loan Committee Meeting Date: September 23, 2003
From Water Fund 401 to Tracyton Water COUNCIL MEETING Date: September 24, 2003
District Department: Public Works & Util.
Presenter: Gene Sampley
Phone: 5315
SUMMARY: In February 2000 and April 2001, the City of Bremerton and the Tracyton Water
District entered into interlocal agreements for financing and constructing capital improvements to the
District's water system for which the City would be ultimately responsible including a provision that
the District would dissolve with its assets transferred to the City of Bremerton. Currently the City is in
the process of negotiating an agreement for transfer of assets to the City; however, due to the timing
of these negotiations, the District is in need of a financial loan in an amount not to exceed $125,000 to
make an installment payment due to the Drinking Water State Revolving Fund for the construction.
This loan would be repaid by the earlier of closing of the agreement or December 31, 2003. A
recommended resolution approving this loan is attached.
ATTACHMENTS: Resolution No,~authorizing an interagency loan from Water Fund 401 to
Tracyton Water District.
FISCAL IMPACTS (Include Budgeted Amount): None
APPROVALS: ~~
DEPARTMENT DIRECTOR: ---.~
CITY ATTORNEY: ~.~, ~
FINANCE
DIRECTOR:
MA Y OR: ~----~-~/~5~~'~'" t~"--~"~-~'~-'~'r 5'~'-''''- ~ '~
OPERATIONS: ~/-- CONSENT AGENDA
COUNC~ P~S~ENT: ~ l
RECOMMENDED MOTION: City Council approves Resolution No. ~ authorizing an
interagency loan from Water Fund 401 to the Tracyton Water District in an amount not to exceed
$125,000.
COUNCIL ACTION: ~Approve [] Deny [] Table [] Continue [] No Action