HomeMy WebLinkAbout2096 RESOLUTION 2096
A RESOLUTION authorizing an interfund
loan for the Golf Course 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 General 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 001 to 407 Fund. Said
loan to be in the maximum amount of $50,000 (Fifty thousand and no/100).
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 300 days from whatever source of revenue may become available
for such purposes.
PASSED BY the City Council of the City of Bremerton this
MORRIE DAWKINS
City of Bremerton
ATTEST:
KATHLEEN L. MCCLUSKEY, City Clerk
Director of Administrative Services