HomeMy WebLinkAbout2088RESOLUTION 2088
A RESOLUTION authorizing an interfund loan for
the Small Stores 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 flow,
and,
WHEREAS, the Cumulative Reserve Fund has a surplus of cash
beyond it's irmmediate cash flow needs:
NOW THEREFORE LET it be resolved, the City Treasurer is
authorized to affect an interfund loan from Fund 103 to Fund 521. Said
loan to be in the amount of $10,859.41 (Ten Thousand Eight Hundred Fifty
Nine and Forty-One/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 365 days from whatever source of revenue
may became available 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