HomeMy WebLinkAbout2887 RESOLUTION NO. ~ 7
A RESOLUTION of thc City of Brem~rton authorizing an
intorfund loan to the Public Safety Bond (Project) Fund from the
Equipmant Rcmal Reserve Fund and providing for r~paymcnt of
the loan.
WHEREAS, the Public Safety Bond (Project) Fund (Fund 302) docs not have
funds budgeted or resorved fi'om the Public Safety bond proceeds to purchase real property for
the new fire station; and
WHEREAS, the Public Safety Bond (Project) Fund has an immediate need for
cash to fi~nd the acquisition of real property for the new fire station; and
WHEREAS, the City o£Bremerton will be disposing of surplus real property,
consisting of the old fire station, city hall and community development facilities, and distributing
thc proceeds from these sales into the Contingency Resorve Fund (Fund 103); and
WHEREAS, the size, nature and timing of this fire station property transaction
makes external financing impractical; and,
WHEREAS, surplus cash in an amount suffi¢icm to meet the needs of this
acquisition is presently on hand in the Equipment Rental Reserve Fund (Fund $10); NOW
THEREFORE,
THE CITY COUNCIL OF THE CITY OF BREMERTON. WASI-LINGTON
DOES HEREBY RESOLVE AS FOLLOWS:
SECTION1. The City of Bremerton's Director of Finance is hereby authorized
and directed to make an interftmd loan from the Equipment Rental Reserve Fund (Fund 510) to
the Public Safety Bond (Project) Fund (Fund 302), in the amount of $800,000 to cover the cost
for the acquisition of real property for the siting of a new fire station. This loan shall bear
interest at the rate of 1.5% per annum and shall be repaid to the Equipment Rental Reserve from
the Conthugency Reserve Fund (Fund 103) from the proceeds of the sale of surplus real property.
This loan shall be repaid in full within three years of the date of transfer of the funds to Project
Fund 302.
PASSED by the City Council of the City of Bremerton, Washington this ~
{.
day of ~.~t , 2003.
CAROL AR_ENDS, Council President
1
Inter-Fund Loan
RO~ER A. LUBOVICH, City Attorney ~I~A-~ILI~I~Vi'-CC'L~JSI~X~,~O~ty-CI~k
R:~LEGAL~solutions~lnter-Fund Loan Resolution.doc
2
Inter-_Fund Loan