HomeMy WebLinkAbout2899 RESOLUTION NO. 2899
A RESOLUTION of the City of Bmmerton, Washington, authorizing an interfund
loan to thc ULID NO. 2002-01 Fund from the Equipment Rental Reserve Fund.
WHEREAS, the City Council approved Ordinance 4837 on December 4, 2002,
authorizing the formation of Utility Local Improvement District (ULID) No. 2002-01; and
WHEREAS, the ULID No. 2002-01 Fund needs interim financial resources in order to
fund the construction of the water system capital improvements that are to provide special
benefit to property owners within the boundaries of ULID No. 2002-01; and
WHEREAS, such interim funding is needed within the ULID No. 2002-01 until the
capital improvement has been completed, final assessment roll established and revenue bonds
issued; and
WHEREAS, reserve cash in an amount sufficient to meet the interim funding needs of
ULID No. 2002-01 is presently on hand within 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 of Bremerton's Director of Finance is hereby authorized and
directed to make an interfund loan from the Equipment Rental Reserve Fund (Fund 510) to the
ULID No. 2002-01 Fund (Fund 308) in the amount not to exceed $1,056,384 to cover the
expenses for the ULID capital development and administration. This loan shall bear interest at a
rate based on the monthly average yield from the Washington State Local Government
Investment Pool, and shall be repaid to the Equipment Rental Reserve Fund from ULtD No.
2002-01 Fund on or before March 1, 2004.
Section 2. Severabilitg. 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 vailidity
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, on this 13th day of
August, 2003.
CAROL ARENDS, Council President
ATT~/./~~/ APPROVED AS TO FORM:
KATHLEEN ~/I~'~C LU SKEY~, Ciiy~le~ GER LUB~OVICH, City~