HomeMy WebLinkAbout2711 RESOLUTION NO. 2711
A RESOLUTION authorizing Inter-fund Loans to the General Fund and
the Wastewater Fund fi-om the Equipment Rental Reserve Fund.
WHEREAS, the General Fund and the Wastewater Fund have an immediate need for cash
with which to acquire emergency power generation equipment; and
WHEREAS, the size and the nature of these transactions makes external financing
impractical; and,
WHEREAS, surplus cash in an amount sufficient to meet the needs of this equipment
purchase 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 inter-fund loans from Equipment Rental Reserve Fund to the General Fund in an
amount not to exceed $39,000 and to the Wastewater Fund in an amount not to exceed $39,000.
These loans shall bear interest at the rate of 6.0% per annum and shall be repaid in their entirety
not later than December 31, 2004.
ADOPTED by the City Council of the City of Bremerton this 7th day of July, 1999.
MIKE SHEPHERD, Council President