HomeMy WebLinkAbout2463RESOLUTION NO. 2463
A RESOLUTION authorizing an interfund loan to the Street
Fund form the Equipment Rental Reserve Fund.
WHEREAS, the Street Fund has at this time a need for cash to
provide construction financing for the Fourth Street LID; and
WHEREAS, the size and duration of this transaction does not
lend itself to external financing; and
WHEREAS, surplus cash in an amount sufficient to accommodate
this short term need will be on hand in the Equipment Rental
Reserve Fund when needed;
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 Street Fund in an amount not
to exceed $400,000. This loan shall bear interest at the rate of
four percent per annum and shall be repaid in its entirety not
later than December 31, 1994.
ADOPTED by the City Council of the City of Bremerton this
30th day of March, 1994.
EILEEN FITZ, President
ATTEST:
KATHLEEN L. McCLUSKEY, City Clerk