HomeMy WebLinkAbout4026 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 General Fund is experiencing
a cash flow deficit and,
WHEREAS, the General Fund does not have sufficient reserve
funds to supply the needed operating cash,
N~, ~tEREF(3P~, The City Council of the City of Bremerton,
Washington does hereby ordain:
SECrIC~q 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, up to but not to
exceed, $300,000.00.
Said warrants shall be redeemed on or before November 15, 1986,
from Property Tax Revenues, or from whatever funds become available for
such purpose.
SECrICN 2: This Ordinance shall become effective inmediately
upon passage.
SECrI(3N 3: This Ordinance is declared to be an emergency as
passage is needed to protect the public health, safety, and welfare.
PASSED IJNANIMDUSLY by the City Council of Bremerton, signed by
the Mayor and attested by the City Clerk in authentication of such passage
this ~ day of ~.~~ , 1986.
~~f ~en~e~;n
ATIEST:
~.I~NL. MOCLUSKEY, City Clerk
Director of Administrative Services