HomeMy WebLinkAbout03-151 AGENDA BILL
BREMERTON CITY COUNCIL
1. SUBJECT: Authorizing an Interfund FOR AGENDA OF:
Loan from the Equipment Rental ORIGINATING DEPT: Finance Dept.
Reserve Fund to ULID No. 2002-01 ORIGINATOR: Michael R. Wilson
Fund DATE SUBMITTED: June 16, 2003
2. CLEARANCES: (cormment on back if necessary) 3. EXHIBITS:
City Attorney . Interfund Loan Resolution
Director, Finance ]00 , ~
Budget Finance Committee ~ ~x~-~ ~
Operations Committee v~ ~$~.~^~ --
ENDORSEMENT INFORMATION APPROVED BY COUNCIL PRESIDENT FOR SUBMITTAL:
4. SUMMa%RY STATEMENT AND REQUIREMENT FOR COUNCIL ACTION:
The City Council approved Ordinance 4837 on December 4, 2002, authorizing the formation of Utility Local
Improvement District (ULID) No. 2002-01. The UL1D No. 2002-01 Fund needs interim financial resources in
order to fund the construction of the water system capital improvements that are to provide special benefit to
property owners within the boundaries of ULID No. 2002-01. It is proposed that the Council authorize the
Director of Finance to make an interfund loan fi.om the Equipment Rental Reserve Fund (Fund 510) to the
ULID No. 2002-01 Fund (Fund 308) in the amount not to exceed $1,056,384 to cover the expenses for the
ULID capital development and administration. This loan shall bear interest at a rate based on the monthly
average yield fi.om the Washington State Local Government Inveslment Pool, and shall be repaid to the
Equipment Rental Reserve Fund from ULID No. 2002-01 Fund on or before March 1, 2004.
8. RECOMMENDATION: It is recommended that the City Council move to approve Resolution No.
authorizing the Director of Finance to make an interfund loan from the Equipment Rental Reserve Fund (Fund
510) to the ULID No. 2002-01 Capital Project Fund (Fund 308) in the amount not to exceed $1,056,384.
9. RESPONSIBLE OFFICIAL:
ENFORCEMENT OFFICIAL:
EXPIRATION DATE:
REVIEW DATE:
10. NOTICE OF ACTION
PULLED __ TABLED __ APPROVED / DISAPPROVED A/MENDED
COUNCIL DIRECTIVE: DATE:
AGENDA BILL NO: 05-- ]~ I
11.
2. CLEARANCE COMMENTS (cont.):
4. SUMMARY STATEMENT (cont.):
5. IMPACT ON NON-PASSAGE:
6. IMPACT ON STAFFING, BUDGETS, FACILITIES, EQUIPMENT OR OTHER RESOURCES
7. RESEARCH SOURCES