HomeMy WebLinkAbout2388 RESOLUTION NO. 2388
A RESOLUTION authorizing an interfund loan to the
Waterfront Parks Construction Fund from the Public Works
Complex Construction Fund.
WHEREAS, the Waterfront Parks Construction Fund has an
immediate and short term need for cash with which to provide a
surety deposit and to pay for data gathering and design of the
mitigation project; and
WHEREAS, the costs of construction of the mitigation project
and the size of the long term surety requirement are not known at
this time; and
WHEREAS, these uncertainties make external financing of the
mitigation project and the related surety requirements impractical
at this time; and
WHEREAS, these uncertainties will be resolved at the
conclusion of the design phase of the project;
NOW, THEREFORE, let it be resolved, that the City Treasurer is
authorized and directed to make an interfund loan from the Public
Works Complex Construction Fund to the Waterfront Parks
Construction Fund in an amount not to exceed $480,125.00. This
loan shall bear interest at a rate of 5.5% and shall be repaid in
its entirety not later than September 30, 1992.
ADOPTED by the City Council of the City of Bremerton this 22
day of April , 1992.
LYNN HORTON, Council President
APPROVED this 27 day of April , 1992.
LOUIS MENTOR, Mayor
ATTEST:
KATHLEEN L. McCLUSKEY, City Clerk