HomeMy WebLinkAbout2412RESOLUTION NO. 2412
A RESOLUTION authorizing an Interfund Loan to the
Roosevelt Capital Assets Fund from the Parking System
Revenue Fund.
WHEREAS, the Roosevelt Capital Assets Fund has an immediate
and short termneed for cash with which to carry out the demolition
of structures at the property commonly known as the Bremerton
Lumber site; and
WHEREAS, sufficient cash to carry out the demolition will not
be generated by the parking operations at the site for several
months; and
WHEREAS, it is considered to be in the best interest of the
City and the community to accomplish the demolition as quickly as
possible; and
WHEREAS, surplus cash in an amount sufficient to carry out the
demolition is presently on hand in the Parking System Revenue Fund;
NOW, THEREFORE, let it be resolved, that the City Treasurer is
authorized and directed to make an interfund loan from the Parking
System Revenue Fund to the Roosevelt Capital Assets fund in an
amount not to exceed $55,000. This loan shall bear interest at a
rate of 5.5% per annum and shall be repaid in its entirety not
later than July 31, 1993.
ADOPTED by the City Council of the City of Bremerton this 7
day of October, 1992.
LYNN HORTON, Council President
ATTEST:
KATHLEEN L. McCLUSKEY, City Clerk