HomeMy WebLinkAbout2898 RESOLUTION NO. 2898
A RESOLUTION of the City of Bremerton, Washington, authorizing an
interftmd loan to the Conference Center Operating Fund from the Equipment
Rental Reserve Fund.
WHEREAS, the City of Bremerton entered into an agreement with Columbia Hospitality,
Inc. on June 6, 2003 for the management of the City's new conference center; and
WHEREAS, the Conference Center needs interim fmancial resources in the amount of
$300,000 to pay for the conference center management company for pre-opening operating
expenses; and
WHEREAS, interim funding is needed until such time the conference center generates
sufficient cash to repay such debt obligation or a long-range plan for repayment has been
developed within the FY 2004 budget document; and
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
Conference Center Fund (Fund 410) in the amount not to exceed $300,000 to cover conference
center pre-opening expenses. 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 the Conference Center Fund on or before October, 2004.
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 force
immediately upon its passage.
PASSED by the City Council of the City of Bremerton, Washington, on this 23~ day of
July, 2003.
CAROL ARENDS, Council President
ATTEST: APPROVED AS TO FORM:
I~EE~ ~I"9~L~S]c~y, ~ity Clerk