HomeMy WebLinkAbout2099RESOLUTION 2099
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 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 author-
ized, to affect an interfund loan from 001 Fund to 511 Fund. Said loan
to be in the amount of up to $150,000.00 (One Hundred Fifty Thousand and
no/]O0). Sdid ]oan shall bear interest at 75% of the "base rate" as
posted by People's National Bank of Washington. Said loan to be paid
hack within one year from whatever source of revenue may become available
PASSED BY the City Council of the City of Bremerton this
MORRIE DAWKINS, Mayor
City of Bremerton
ATTEST:
KATHLEEN L. MCCLUSKEY, City Clerk
Director of Administrative Services