HomeMy WebLinkAbout2237RESOLUTION NO. 2237
A RESOLUTION authorizing an interfund loan
for the Parks Facility Construction Fund
for temporary cash needs.
WHEREAS, each of the several funds of the City must
have sufficient funds to pay their operating costs prior to actual
payment, and,
WHEREAS revenue for each of the several funds is not
always realized prior to expenditure, thereby creating a temporary
cash deficit, and,
WHEREAS, the General Fund has a surplus of cash
beyond it's immediate cash flow needs:
NOW THEREFORE LET it be resolved, the City Treasurer
is authorized to affect an interfund loan from The General Fund to
The Parks Facility Construction Fund. Said loan to be in an amount
not to exceed $175,000.00 (One Hundred Seventy Five Thousand and
No/100 dollars). Said loan shall bear interest at a rate equal to
that earned on compensating balances in the City's general checking
account. Said loan to be paid in full by June 30, 1989 from grant
revenue received.
this
ADOPTED BY the City Council of the City of Bremerton
this 22nd day of November, 1988.
HANK WAIBEL, President
City Council
~PPROVED this
day o~
1988.
Mayor
ATTEST:
KATHLEEN L. McCLUSKEY, City Clerk