HomeMy WebLinkAbout2415RESOLUTION NO. 2415
A RESOLUTION authorizing an Interfund Loan to the
Waterfront Park Construction Fund from the Equipment Rental Reserve Fund.
WHEREAS, the Waterfront Park Construction Fund has an
immediate and short term need for cash with which to finance the
cash flow of the construction project and its obligation for
fisheries mitigation; and
WHEREAS, it is in the best interest of the City to defer until
1993 the use of the external borrowing previously approved by
Council; and
WHEREAS, surplus cash in an amount sufficient to provide for
the construction cash flow and mitigation requirements 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 Waterfront Park Construction
Fund in an amount not to exceed $650,000. This loan shall bear
interest at the rate of 4% per annum and shall be repaid in its
entirety not later than June 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