HomeMy WebLinkAbout2574RESOLUTION NO. 2574
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 $3,000,000. 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, 1997.
PASSED by the City Council of the City of Bremerton this 11th day of December, 1996
.
JOHN LAW, Council President