HomeMy WebLinkAbout2446RESOLUTION NO 2446
A RESOLUTION authorizing an Interfund Loan to the Wastewater Operating
Fund from the Equipment Rental Reserve Fund.
WHEREAS, the Wastewater Operating Fund has an immediate need for cash with which
to comply with the settlement agreement between the City and West Hills Association; and
WHEREAS, external borrowing to finance this settlement is not in the best interest of the
City at this time; 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 Wastewater
Operating Fund in an amount not to exceed $1,000,000. This loan shall bear interest at the rate
of 4.0% per annum and shall be repaid in its entirety not later that June 30, 1994.
ADOPTED by the City Council of the City of Bremerton this ,20th day of October, 1993.
EILEEN FITZ, Council President
ATTEST:
KATHLEEN L. McCLUSKEY, City Clerk