HomeMy WebLinkAbout2097 RESOLUTION 2097
A RESOLUTION authorizing an interfund
loan for the Fire Pension 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 beyond it's immediate cash flow needs:
NOW THEREFORE LET it be resolved, the City Treasurer is
authorized to effect an interfund loan from 001 Fund to 614 Fund.
Said loan to be in the amount of $40,000.00 (Forty Thousand and
no/one hundreds). Said loan shall bear interest at 75% of the
"base rate" as posted by People's National Bank of Washington.
Sc~id loan to be paid back within 40 days from whatever source of
revenue may become available for such purposes.
PASSED BY the City Council of the City of Bremerton this
6 day of November, 1985
MORRIE DAWKINS, Mayor
City of Bremerton
ATTEST:
KATHLEEN L. MCCLUSKEY
Director of Administrative Services