HomeMy WebLinkAbout4056 AN C~DINANCE declaring certain Inter-
fund Loans to be uncollectable and
authrizing thom to be written off.
~ CITY GOUNCIL OF ~ CITY OF BRa, WASHIN~ DOES HEREBY
C~I)AIN:
S~IC[~ 1. S~ OF GClqDITION
a. The City Council has by prior Resolutions authorized
Interfund Loans from the General Fund to the Street Fund
in the amount of $250,000.00 and to the Equit~nent Rental
Fund in the amount of $150,000.
b. The financial position of the debtor funds is such that re-
payment of the loans at this time is not possible.
c. The projected revenues of the debtor funds will not pro-
duce sufficient funds to allow repayment of the loans
in the foreseeable future.
d. The debtor funds share, in large part, comnon sources of
revenue with the General Fund.
e. Enforcement of repayment of the loans would detract from
the ability of the debtor funds to provide necessary ser-
vices to the citizens of the City.
SECTIC[~ 2. G(2~d~_L-TIVE ACTIC[q
The City Treasurer is hereby authorized and directed to write-off
the outstanding loans from the General Fund to the Street Fund in the amount
of $250,000.00 and to the Equipment Rental Fund in the amount of $150,000.00.
Ap~ BY the City Council on the first reading on the .~/q/Z)
P~ED ?~ the City Council of the City of Bremerton, Washington,
signed by the Mayor and attested to by the City Clerk in authentication of
such passage on the ~ ~ day of ~z:~.gz.~ 1986.
ATIEST:
KA~¥11.glvN L. M/~CLU~, City Clerk
Director of Administrative Services