HomeMy WebLinkAbout2685RESOLUTION NO.2685
A RESOLUTION reauthorizing an interfund loan to the Wastewater Operating
Fund from the Water Operating Fund.
WHEREAS, the Wastewater Fund has a short term need for operating cash
pending the receipt of monies due from litigation, property sales, grants and long term
loans; and
WHEREAS, the size and term of this transaction does not lend itself to an
external financing; and
WHEREAS, surplus cash in an amount sufficient to accommodate this short term
need is presently on hand in the Water Fund;
NOW, THEREFORE, let it be resolved that the City Treasurer is hereby
authorized and directed to make an interfund loan to the Wastewater Fund from the
Water Fund in an amount not to exceed $5,500,000. This loan shall bear interest at
the rate of five percent per annum and shall be repaid in its entirety on or before
December 31, 2000.
PASSED by the City Council of the City of Bremerton this 23rd day of December, 1998
.
DAVID FARR, Council President