HomeMy WebLinkAbout2090RESOLUTION 2090
A RESOLUTION authorizing an interfund
loan for the Equipment Rental 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 real-
ized prior to expenditure, thereby creating a temporary cash flow, and,
WHEREAS, the Cumulative Reserve has a surplus of cash beyond
it's immediate cash flow needs:
NOW THEREFORE LET it be resolved, the City Treasurer is author-
ized to affect an interfund loan from 103 Fund to 511 Fund. Said loan to
be in the amount of $6667.84 (Six Thousand Six Hundred Sixty Seven and
Eighty Four/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 90 days from whatever source of revenue may
become 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