HomeMy WebLinkAbout2345 RESOLUTION NO. 2345
A RESOLUTION authorizing an interfund loan for the Street
Fund for temporary cash needs.
WHEREAS, each of the several funds of the city must have sufficient
funds to meet their expenses as they are incurred;. and,
WHEREAS, the revenue of the Street Fund is received in a
manner such that receipts may lag behind expenditures during
certain periods within the fiscal year; and,
WHEREAS, the General Fund has a surplus of cash beyond its
immediate cash flow needs:
NOW, THEREFORE, LET it be resolved, the City Treasurer is
authorized and directed to make an interfund loan from the General
Fund to the Street Fund in the amount of $300,000.00. Said loan
will bear interest at a rate equal to that of the currently
outstanding Tax Anticipation Note and will be repaid in full
together with interest prior to December 31, 1991.
ADOPTED by the City Council of the City of Bremerton this
15 day of May, 1991.
LYNN HORTON, Council President
ATTEST:
KATHLEEN L. McCLUSKEY, City Clerk
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