HomeMy WebLinkAbout2760 RESOLUTION NO. 2760
A RESOLUTION authorizing an Interfund Loan to the Civic
Improvement Fund from the Equipment Rental Reserve Fund and
dedicating future Hotel/Motel Tax revenue for repayment.
WHEREAS, the Civic Improvement Fund has an immediate need for cash with which to
provide a cash advance to the Admiral Theater Foundation; 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 short-term needs of this
advance 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 Civic
Improvement Fund in an amount not to exceed $120,000. This loan shall bear interest at the rate
of 6.0% per annum and shall be repaid in its entirety not later than December 31, 2005; and
BE IT FURTHER RESOLVED, that adequate Hotel/Motel Tax revenues from the Civic
Improvement Fund shall be dedicated annually for repayment of this interfund loan.
ADOPTED by the City Council of the City of Bremerton this 28th day of June,
2000.
CAROL ARENDS, Council President