HomeMy WebLinkAbout2660RESOLUTION NO. 2660
A RESOLUTION authorizing an Interfund Loan to the Civic Improvement Fund from
the Equipment Rental Reserve Fund.
WHEREAS, the Civic Improvement Fund has an immediate need for cash with which
to provide expenditure coverage to the Admiral Theater; and
WHEREAS, the size and nature of this transaction does not lend itself to an external
financing; and
WHEREAS, surplus cash in an amount sufficient to meet the short-term needs of this
settlement is presently on hand in the Equipment Rental Reserve Fund;
NOW, THEREFORE, let it be resolved, that the City Treasurer is hereby authorized
and directed to make an interfund loan from the Equipment Rental Reserve Fund to the Civic
Improvement Fund in an amount not to exceed $50,000. This loan shall bear interest at the
rate of 5.0% per annum and shall be repaid in its entirety not later that December 31, 2003.
ADOPTED by the City Council of the City of Bremerton this 22nd day of
July, 1998.
DAVID FARR, Council President
ATTEST:
KATHLEEN L. McCLUSKEY, City Clerk