HomeMy WebLinkAbout2091 RESOLUTION #2091
A RESOLUTION authorizing an interfund loan for
the Equipment Rental Fund for temporary cash needs.
WHEREAS, each of the several fmds of the City mst have
sufficent funds to pay their operating costs prior to actual payment,
and,
WHEREAS, revenue for each cf the several funds is not always
realized prior to exenditure, thereby creating a temporary cash flow,
and,
WHEREAS, the Euipment Rental Reserve 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 Fund 510 to Fund 511. Said loan to be
in the Amount of $169,765.24 (One Hundred Sixty-Nine Thousand Seven Hun-
dred Sixty-Five and Twenty-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 3 years from whatever
source of revenue my 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