HomeMy WebLinkAbout2904 RESOLUTION NO. o~0~
A RESOLUTION of the City of Bremerton, Washington, authorizing interfund loans to
the Wastewater Utility Fund from the Water Utility Fund and Real Estate Excise Tax
Fund.
WHEREAS, the Wastewater Utility Fund (Fund 451) has debt financing payments due on
September 1, 2003, in the amount of $2,473,810 for the 1992 and 1994 Water and Sewer
Revenue Bonds; and
WHEREAS, the Wastewater Utility Fund has a history of cash deficiencies and the
Wastewater Utility Fund will not have sufficient resources available by the September 1 due date
to make the total debt payments without interim funding support; and
WHEREAS, reserve cash in an amount sufficient to meet the Wastewater Utility Fund's
interim funding needs is presently on hand within the Water Utility Fund (Fund 401) and Real
Estate Excise Tax Fund (Fund 109) to accommodate an interfund loan through the end of the
fiscal year;
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 interfund loans from the Water Utility Fund (Fund 401) and Real Estate Excise
Tax Fund (Fund 109) to the Wastewater Utility Fund (Fund 451) in the amount not to exceed
$2,473,810 to meet the 1992 and 1994 Water and Sewer Revenue Bonds debt payment
obligations of the Wastewater Utility Fund. These loans shall bear interest at a rate of 2.5% per
annum and shall be repaid to the Water Utility Fund and Real Estate Excise Tax Fund from the
Wastewater Utility Fund on or before December 31, 2003.
SECTION 2. Severability. 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 fi)rce
immediately upon its passage.
PASSED by the City Council of the City of Bmmerton, Washington, on thisa~iZ~ day of
~.~a~2003.
CAROL ARENDS, Council President
APPROVED AS TO FORM. _ ~
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