HomeMy WebLinkAbout04-225DATE SUBMITTED: 11/3/04 BILL
AGENDA BILL
CITY OF BREMERTON
CITY COUNCIL
SUBJECT:^ Extension of existing loan from Committee Meeting Date: 11/10/04
the ER&R Fund to ULID 2002-1 Fund COUNCIL MEETING Date: 11/17/04
(established under Resolution #2899). Department: PW&U
Presenter: Phil Williams
Phone: 473-5755
SUMMARY: There is an outstanding loan from the ER&R Fund (Fund 510) to the ULID 2002-1
Fund (Fund 308) in an amount not to exceed $1,056,384 and with an expiration date of March 1,
2004 (Resolution #2899). The project is now complete and the final costs are known. The project
was able to complete construction while borrowing only $500,000 from the approved interfund loan.
The project must now be closed out and bonds sold to pay the balance owing to the ER&R Fund. Any
additional costs on this project will come directly from the Water Fund (Fund 401). There have been
delays in getting the project to this point and an extension of the due date is needed. It is requested
City Council authorize the Director of Financial Service to extend the due date for repayment of the
existing interfund loan from the ER&R Fund to March l, 2005 and reduce the authorized amount to
$500,000.
ATTACHMENTS: Resolution#
FISCAL IMPACTS (Include Budgeted Amount): The additional interest due to the ER&R Fund for
a 12-month extension of the current balance is estimated to cost approximately $12,500.
APPROVALS: ~ ~f---.
FINANCE DIRECTOR:
MAYOR: ~
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OPERATIONS: ~
COUNCIL PRESIDENT: "~"?~..
RECOMMENDED MOTION: I move to approve R~solution No. ~lqt~ ¢ authorizing the Director
of Financial Services to extend the due date for the existing interfund loan from the ER&R Fund to
the ULID No. 2002-1 Fund to March 1, 2005 and reduce the authorized amount to $500,000.
COUNCIL ACTION: [] Approve [] Deny [] Table [] Continue [] No Action