HomeMy WebLinkAbout2417RESOLUTION 2417
A RESOLUTION authorizing an Interfund Loan to the
Wastewater Fund from the Water Fund.
WHEREAS, the Wastewater Fund has an immediate and short term
need for cash with which to carry out its plan of capital
improvements; and
WHEREAS, it has become necessary to delay the issuance of the
revenue bonds which were intended to provide the financing for
these capital improvements; and
WHEREAS, it is in the best interest of the City to continue
with the plan of capital improvements at this time; and
WHEREAS, surplus cash in anamount sufficient to carry out the
plan of capital improvements is presently on hand in the Water
Fund;
NOW, THEREFORE, let it be resolved, that the City Treasurer is
hereby authorized and directed to make an interfund loan from the
Water Fund to the Wastewater Fund in an amount not to exceed
$700,000. This loan shall bear interest at the rate of 4.0% per
annum and shall be repaid in its entirety not later than March 30,
1993.
Bremerton this 18th day of November, 1992.
LYNN HORTON, Council President
ATTEST:
KATHLEEN L. McCLUSKEY, City Clerk
CITY OF BREMERTON
WASTEWATER OPERATING FUND
CASH FLOW PROJECTION
CASH AT 9/30/92
SOURCES:
OPERATIONS
TRANSFER FROM WATER
ACCRUED BOND INTEREST
TOTAL CASH AVAILABLE
$1,590,000
1,330,000
195,000
65,000
3,180,000
CASH REQUIREMENTS:
TRANSFER TO ESCROW
OPERATIONS
BOND RESERVES
CAPITAL
CONTINGENCY
TOTAL CASH REQUIREMENTS
REQUIRED BORROWING
1,750,000
750,000
460,000
750,000
170,000
3,880,000
($700,000)