HomeMy WebLinkAbout2369RESOLUTION NO. 2369
A RESOLUTION authorizing an interfund loan to the Street Fund from the
Equipment Rental Reserve Fund.
WHEREAS, the City Council· has by Ordinance No. 4338 ordered certain
improvements to be made to Lakehurst Drive and has by the same ordinance established
Local Improvement District No. 325; and
WHEREAS, the LID process as set forth in statute provides for the levying of
assessments only after ,the improvements have been constructed; and
WHEREAS, the preliminary assessment roll for the project totals $71,334.00; and
WHEREAS, the modest size of the project has served to make external borrowing
impractical; and
WHEREAS, the Street Fund lacks adequate financial resources to underwrite the
construction of the improvements; and
WHEREAS, the Equipment Rental Reserve has funds available in excess of its
immediate cash flow needs:
NOW, THEREFORE, LET it be resolved that the City Treasurer is authorized and
directed to make an interfund loan from the Equipment Rental Reserve Fund to the Street
Fund in an amount equal to the cost of construction of the improvements ordered under
LID No. 325. Said loan shall be repaid from the proceeds assessments levied pursuant to
LID No. 325 and shall bear interest at a rate equal to that charged on those same
assessments.
BE IT RESOLVED FURTHER that the LID Guaranty Fund shall be used to assure
timely repayment of the Equipment Rental Reserve Fund from LID property assessments.
ADOPTED by the City Council of the City of Bremerton this 18th day of December,
1991.
LYNN HORTON, Council President
ATTEST:
KATHLEEN L. McCLUSKEY, Clerk