HomeMy WebLinkAbout2416RESOLUTION NO. 2416
A RESOLUTION authorizing an Interfund Loan to the Public
Works Complex Construction Fund from the Equipment Rental
Reserve Fund.
WHEREAS, the Public Works Complex Construction Fund has an
immediate and short term need for cash with which to continue the
design of the Public Works Complex project; and
WHEREAS, external borrowing to finance this project 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 project 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 Public Works Complex
Construction Fund in an amount not to exceed $50,000. 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.
ADOPTED by the City Council of the City of Bremerton this 18th day of November, 1992.
LYNN HORTON, Council President
ATTEST:
KATHLEEN L. McCLUSKEY, City Clerk
CITY OF BREMERTON
PUBLIC WORKS COMPLEX CONSTRUCTION FUND
CASH FLOW PROJECTION
CASH AT 9/30/92
SOURCES:
INTERFUND LOAN REPAYMENT
INTEREST
TOTAL CASH AVAILABLE
CASH REQUIREMENTS:
BAN
INTEREST
CAPITAL
CONTINGENCY
TOTAL CASH REQUIREMENTS
REQUIRED BORROWING
$895,700
480,125
13,000
1,388,825
1,300,000
100,000
10,000
28,825
1,438,825
($50,000)