HomeMy WebLinkAbout2381 RESOLUTION NO. 2381
A RESOLUTION authorizing an interfund loan to the General
Fund from the Equipment Rental Reserve Fund.
WHEREAS, the cash balance of the City's General Fund
fluctuates throughout the year due to irregular patterns of cash
receipts and disbursements; and
WHEREAS, these fluctuations will result in a deficit cash
balance at certain times during the year; and
WHEREAS, current conditions in the financial markets have
served to make external financing of the General Fund cash flow
undesirable due to price;
NOW, THEREFORE, let it be resolved, that the City Treasurer is
authorized and directed to make an interfund loan from the
Equipment Rental Reserve Fund to the General Fund in such amounts
as shall become necessaryto prevent a deficit cash balance in the
General Fund not to exceed $750,000. This loan shall bear interest
at a rate equal to that earned on the City's deposits in the State
Treasurer's Local Government Investment Pool and shall be repaid in
its entirety not later than December 31, 1992.
ADOPTED by the City Council of the City of Bremerton this
4 day of March, 1992.
LYNN HORTON, Council President
ATTEST:
KATHLEEN L. McCLUSKEY, City Clerk