HomeMy WebLinkAbout05-296
DATE SUBMITTED 12-07-2005
BILL # os-~ to
AGENDA BILL
CITY OF BREMERTON
CITY COUNCIL
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SUBJECT ResolutIOn authonzmg the
extensIOn of an mterfund loan from the
EqUipment Rental Reserve Fund to the CIVIC
Improvement Fund - prevIOusly authonzed
by ResolutIOn No 2760
CommIttee Meetmg Date
COUNCIL MEETING Date
Department
Presenter
Phone
12-14-05
A12-21-05
FmancIal ServIces
Laura Lyon 4
473-5722
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SUMMARY On June 28, 2000 CIty CouncIl authonzed the Issuance of a loan from the ERR Fund
(510) to the,CIVlc Ip1provement Fund (104) m th~ amount of$120,000 Payments have been made
over the five year penod smce approval m accordance wIth the amortIZatIOn schedgle - leavmg a
balance of $68,679 05 as of December 31, 2005 The ongmallo~n au!honzatIOn antIcIpated a
balloon payment from the AdmIral Theatre FoundatIOn for tills final pnnclpal amount - and anclpated
that thIS loan would be concluded by December 31, 2005 as a result The AdmIral Theatre f
FoundatIOn IS not m a posItIon to make the ongmally antIcIpated balloon payment on December 31,
2005 ThIS resolutIOn authonzes the DIrector of Fmanclal ServIces to extend the current terms of the
eXlstmg loan for the balance outstandmg of $68,679 05 and wltn the final repayment scheduled for
December 31, 20 ft1 0' ~
ATTACHM~NTS ResolutIOn, Debt AmortIzatIOn Schedule and DISCUSSIOn Memo
FISCAL IMPACTS (Include Budgeted Amount) Annual debt servIce of$16,304 15 IS provIded for
from the CIVIC Improvement Fund lodgmg tax - reducmg the $90,000 annual payment to the AdmIral
, r
Theatre FoundatIOn to $73,69585 The total commltm~nt of$90,000/year remams unchanged and
the CIVIC Improvement Fund IS not Impacted by thIS loan 'extensIOn
APPROVALS
DEPARTMENT DIRECTOR
CITY ATTORNEY
FINANCE DIRECTOR
MAYOR
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-o~ Ytov
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CONSENT AGENDA
,
FISCAL/BUDGET
OPERATIONS
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COUNCIL PRESIDENT
RECOMMENDED MOTION
Move to approve ResolutIOn No Jq ~~ authonzmg the DIrector of FmancIal, ServIces to extend
the mter:l}md loan outstandmg from the ERR Fund to the CIVIC Improvement Fund under the current
terms of the eXlstmg loan man amounJ, not to exceed $68,679 05, WIth the final repayment to occur
onDe,cember31,20'.1 and SI//0jCt-r1o rev,~~ I)f ~-i} IJdfYllriJ-{ f),elt--ke 6vttrrtit-f
COUNCIL ACTION ~pprove 0 Deny 0 Table 0 Contmue 0 No ActiOn
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