HomeMy WebLinkAbout2089RESOLUTION 2089
A RESOLUTION authorizing an interfund loan
for the Electronic Maintenance 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
inmediate cash flow needs:
NOW LET it be resolved, the City Treasurer is authorized
to affect an interfund loan from Fund 103 to Fund 505. Said loan to be in
theamount of $22,998.60 (Twenty Two Thousand Nine Hundred Ninety-Eight and
Sixty/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 become available
for such purposes.
PASSED BY the City Council fo 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