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HomeMy WebLinkAbout2983 RESOLUTION NO 2983 A RESOLUTION of the CIty CouncIl of the CIty of Bremerton, Washington, authorizing an Interfund Loan to the CIVIC Improvement Fund from the Equipment Rental Reserve Fund and dedicating future Hotel/Motel Tax revenue for repayment WHEREAS, prevIOusly the CIVIC Improvement Fund had an ImmedIate need for cash wIth whIch to provIde a cash advance to the AdmIral Theater FoundatIOn, and WHEREAS, an mterfund loan was authonzed from the EqUIpment Rental - Reserve Fund to the CIVIC Improvement Fund m the amount of$120,000 by ResolutIOn No 2760 on June 28, 2000, and WHEREAS, the loan was ongmally structured to provIde for a possIble balloon payment on December 31,2005 and was therefore establIshed wIth a matunty date of December 31,2005, and WHEREAS, the AdmIral Theatre FoundatIOn IS currently not m a posItIon to make the scheduled balloon payment on December 31, 2005, and WHEREAS, the remammg loan balance WIll be $68,679 05 on December 31, 2005, and WHEREAS, It IS the opmIOn of the DIrector ofFmanclal ServIces for the CIty of Bremerton that the Interfund Loan to the CIVIC Improvement Fund from the EqUIpment Rental Reserve Fund should be reauthonzed for the balance outstandmg for an addItIonal two years wIth the final matunty on December 31, 2007, NOW THEREFORE, THE CITY COUNCIL OF THE CITY OF BREMERTON, WASHINGTON, DOES HEREBY RESOLVE AS FOLLOWS SECTION 1 The Fmance Officer IS hereby authonzed and~dlrected to contmue the mterfund loan from the EqUIpment Rental Reserve Fund to the CIVIC Improvement Fund m an amount not to exceed $68,679 05 ThIS loan shall bear mterest at the rate of 6 0% per annum and shall be repaid not later than December 31, 2007 SECTION 2 Adequate HotellMotel Tax revenues from the CIVIC Improvement Fund shall be dedIcated annually for repayment of thIS mterfund loan m the same manner as has been provIded for m the years 2000 tlirough 2005 SECTION 3 Severabllzty If anyone or more sectIOns, subsectIOns, or sentences of thIS ResolutIOn are held to be unconstItutIOnal or mvalId, such deCISIOn shall not 1 CiVIC Improvement Interfund Loan affect the valIdIty of the remammg portIOn of thIS ResolutIOn and the same shall remam m full force and effect SECTION 4 EffectIve Date ThIS ResolutIOn shall take effect and be m force Immediately upon ItS passage PASSED by the CIty CouncIl of the CIty of Bremerton, W ashmgton thIS~ day of ~ ,2005 APPROVED AS TO FORM ATTEST ~:-- ~ , - A~---~--~ ~~ R ER A LUBO~ICH, Clt R \LEGAL\ResolutlOns\Fmance\ClVlc Improvement Interfund Loan doc 2 CiVIC Improvement Interfund Loan ;r ?