HomeMy WebLinkAbout2818 RESOLUTION NO. ~ ~ I ~
A RESOLUTION authorizing an Interfund 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 a
portion of the financing for improvements to the City's computer systems; 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 General Fund
in an amount not to exceed $232,000. 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.
(~.~_OPTED by the City Council of the City of Bremerton this ~ 2afa~ day of · 2001.
-~THN~ LA)~ff, Council President