HomeMy WebLinkAbout3995 An Ordinance providing for the issuance of interest
bearing warrants to cover a projected cash flow deficit
in the General Fund and establishing the terms thereon
and declaring an emergency.
WHEREAS, the City of Bremerton's Equipment Rental Fund is experiencing a
cash flow deficit and,
WHEREAS, the City charter precludes issuance of interest bearing warrants
except for the General Fund, and
WHEREAS, the General Fund does not have sufficient reserve funds to supply
the needed operating cash for Equipment Rental Fund,
NOW THEREFORE, The City COuncil of the City of Bremerton, Washington does
hereby ordain:
SECTION 1. The City Treasurer is authorized to issue Interest Bearing
warrants to People's National Bank, under the terms of the current
banking contract dated October 1, 1983, in the amount, upto but not to
exceed, $300,000.00
Said warrants shall be redeemed on or before November 15, 1986, from
Interfund Loan Repayment from Equipment Rental, or from whatever funds
that become available for such purpose.
SECTION 2. This Ordinance shall become effective immediately upon passage.
SECTION 3.This Ordinance is declared to be an emergency as passage is
needed to protect the public health, safety, and welfare.
PASSED unanimously by the City Council of Bremerton, signed by the Mayor
and attested by th~ City Clerk in authentication of such passage this
.~ day of i~: ~,~L~.t~. , 1985.
MO~IRI~ G. DAWKINS, Mayor
City of Bremerton
ATTEST:
KATHLEEN L. MCCLUSKEY, City Clerk