HomeMy WebLinkAbout2784 RESOLUTION NO. ~-~ ~
A RESOLUTION reauthorizing an interfund loan to the Wastewater Operating
Fund from the Water Operating Fund.
WHEREAS, the Wastewater Fund has a continuing need for operating cash; 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 continue the interfund loan to the Wastewater Fund from the
Water Fund in an amount not to exceed $1,200,000. This loan shall bear interest at
the rate of six and one-half percent (6~,~%) per annum and shall be repaid in its entirety
on or before December 31, 2003.
PASSED by the City Council of the City of Bremerton this Z~;(.z_ day of
.~/~z,~.~.,~,~, 2000.
CAROL ARENDS, Council President