HomeMy WebLinkAbout2651RESOLUTION NO. 2651
A RESOLUTION authorizing an Interfund Loan to the Civic Improvement Fund from
the General Fund.
WHEREAS, the Civic Improvement Fund has an immediate need for cash with which to
provide expenditure coverage to the budgeted civic organizations; 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 General Fund;
NOW, THEREFORE, let it be resolved, that the City Treasurer is hereby authorized and
directed to make an interfund loan from the General Fund to the Civic Improvement Fund in an
amount not to exceed $20,000. 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, 1998.
ADOPTED by the City Council of the City of Bremerton this 27th day of
May 1998.
DAVID FARR, Council President
ATTEST:
KATHLEEN L. McCLUSKEY, City Clerk