HomeMy WebLinkAbout2839 RESOLUTION NO. .2.'~ 3 c~
A RESOLUTION authorizing an lnterfimd Loan to the
General Fund from the Equipment Rental Reserve Fund.
WHEREAS, the General Fund has an immediate need for cash with which to provide the
financing for costs associated with acquisition of the East Park property from the Federal
Government; and
WHEREAS, the size and nature of this transaction does not lend itself to an extemai
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 inteffund loan from the Equipment Rental Reserve Fund to the General Fund
in an amount not to exceed $I00,000. This loan shall bear interest at the rate of 5.5% per annum
and shall be repaid in its entirety not later than December 31, 2006.
ADOPTED by the City Council of the City of Bremerton this ~ day of
,200 .
JI~ LAW, Council President