HomeMy WebLinkAbout2856 so tmo 9 (o
A RESOLUTION authorizing an Inter-fund Loan to the
General Fund from the Equipment Rental Reserve Fund.
WHEREAS, the General Fund has an immediate need for cash with which to finance its
operations pending the receipt of property tax and other revenues; and
WHEREAS, the current market conditions make the use of a Tax Anticipation Note
(TAN) for this purpose financially unattractive; and
WHEREAS, surplus cash in an amount sufficient to meet these cash flow needs 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 inter-fund loan from the Equipment Rental Reserve Fund to the General
Fund in an amount not to exceed $1,000,000. This loan shall bear interest at the rate of 3.0% per
annum and shall be repaid in its entirety not later than December 31, 2002.
M,ADOPTED by the City Council of the City of Bremerton this c~,tf:;;~ day of
j'~ ) ,2002.
CAROL ARENDS, Council President