HomeMy WebLinkAbout2783 RESOLUTION NO. ~'7 ~ '5
A RESOLUTION authorizing an Interfund Loan to the Park
Development Fund from the Equipment Rental Reserve Fund and
repealing Resolution No. 2743.
WHEREAS, the Park Development Fund has an immediate need for cash with which to
provide a portion of the financing for improvements at Pendergast Regional Park; and
WHEREAS, the size and nature of this transaction does not lend itself to an external
financing; and
WHEREAS, surplus cash in an amount sufficient to meet the needs of this project is
presently on hand in the Equipment Rental Reserve Fund;
NOW, THEREFORE, let it be resolved, that the City Treasurer is hereby authorized and
directed to make an interfund loan from the Equipment Rental Reserve Fund to the Park
Development Fund in an amount not to exceed $145,000. This loan shall bear interest at the rate
of 6.5% per annum and shall be repaid in its entirety not later than December 31, 2020; and
BE IT FURTHER RESOLVED, that Resolution No. 2743 is hereby repealed.
ADOPTED by the City Council of the City of Bremerton this ~ day
2000.
CAROL ARENDS, Council President