HomeMy WebLinkAbout2098 RESOLUTION 2098
A RESOLUTION authorizing an interfund
loan for the Employees Retirement 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 613 Fund. Said
loan to be in the amount of $23,000.00 (Twenty three 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.
Said loan to be paid back within 60 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, Mayor
City of Bremerton
ATTEST:
KATHLEEN L. MCCLUSKEY
Director of Administrative Services