HomeMy WebLinkAbout2541RESOLUTION NO. 2541
A RESOLUTION authorizing an interfund loan to the Wastewater
Operating Fund from the Water Operating Fund.
WHEREAS, the Wastewater Fund has a short term need for
operating cash pending the receipt of monies due from several
contracts, grants and long term loans; and
WHEREAS, the size and term of this transaction does not lend
itself to an external financing; and
WHEREAS, surplus cash in an amount sufficient to accommodate
this short term need is presently on hand in the Water Fund;
NOW, THEREFORE, let it be resolved that the City Treasurer
is hereby authorized and directed to make an interfund loan to
the Wastewater Fund from the Water Fund in an amount not to
exceed $2,000,000. This loan shall bear interest at the rate of
five percent per annum and shall be repaid in its entirety on or
before December 31, 1996.
ADOPTED by the City Council of the City of Bremerton this 28th
day of February, 1996.
JOHN LAW
Council President
ATTEST:
KATHLEEN McCLUSKEY, City Clerk