HomeMy WebLinkAbout2863 RESOLUTION NO. ~ $ ~ ~
A RESOLUTION of the City Council of the City of
Bremerton, Washington, authorizing an Interfund Loan to the
Street Fund from the Equipment Rental Reserve Fund.
WHEREAS, the Street Fund has an immediate need for cash with which to
provide the f'mancing for purchase of an asphalt grinder; 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,
THE CITY COUNCIL OF THE CITY OF BREMERTON, WASHINGTON,
DOES HEREBY RESOLVE AS FOLLOWS:
SECTION 1. The City Treasurer is hereby authorized and directed to make an
interfund loan from the Equipment Rental Reserve Fund to the Street Fund in an amount not to
exceed $116,200. This loan shall bear interest at the rate of 4.0% per annum and shall be repaid
in its entirety not later than December 31, 2007.
SECTION2. Severabiliw_. If any one or more sections, subsections, or
sentences of this Resolution are held to be unconstitutional or invalid, such decision shall not
affect the validity of the remaining portion of this Resolution and the same shall remain in full
force and effect.
SECTION 3. Effective Date. This Resolution shall take effect and be in force
immediately upon its passage.
PASSED by the City Council of the City of Bremerton, Washington this~
day of (~z~z,t~ ,2002.
CAROL ARENDS, Council Presidem
APPROVED AS TO FORM: ATTEST:
Ro~ERX~. LUBO~7ICH, City ~ KATHLEEN MCCLUSKEY, City Clerk
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