HomeMy WebLinkAbout2851 RESOLUTION NO. 2851
A RESOLUTION authoriz'mg an Inter-fund Loan
to the Conference Center Fund from the Equipment
Rental Reserve Fund
WHEREAS, the Conference Center Fund has an immediate need for cash with which to
provide interim financing for costs associated with the beginning of design, construction and
acquisition of the convention center and related facilities; and
WHEREAS, the size and nature of this transaction does not lend itself to an external
financing at this time; 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 inter-fund loan from the Equipment Rental Reserve Fund to the Conference
Center Fund in an amount not to exceed $500,000. This loan shall bear interest at the rate of
4.5% per annum and shall be repaid in its entirety not later than June 30, 2003.
ADOPTED by the City Council of the City of Bremerton this 22nd day of January 2002.
CAROL ARENDS, Council President