HomeMy WebLinkAbout2087RESOLUTION 2087
A RESOLUTION authorizing an interfund loan for
the Parking Fund for temporary cash needs.
WHEREAS, each of the several funds of the City must have suffi-
cient 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 flow,
and,
WHEREAS, the Cumulative Reserve Fund has a surplus of cash be-
yond it's inmediate cash flow needs:
NOW THEREFORE LET it be resolved, the City Treasurer is authorized
to affect an interfund loan from 103 Fund to 105 Fund. Said loan to be
in the amount of $15,010.33 (Fifteen Thousand Ten and Thirty-Three/One
Hundreds,) Said loan shall bear interest at 75% of the "base rate" as
posted by People's National Bank of Washington. Said loan to be paid
back within 60 days from whatever source of revenue may become availa-
ble for such purposes.
PASSED BY the City Council of the City of Bremerton this 9
day of October, 1985.
Morrie Dawkins, Mayor
City of Bremerton
ATTEST:
KATHLEEN L. MCCLUSKEY, CIty Clerk
Director of Administrative Services