HomeMy WebLinkAbout2946 RESOLUTION NO ~qq~o
A RESOLUTION of the City Council of the City of Bremerton,
Washington, authorizing an interfund loan to the ULID NO. 2002-
01 Fund from the Arterial Street 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 (Fund 403) 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 Fund
until the capital improvement project has been completed, final assessment roll established and
revenue bonds issued; and
WHEREAS, reserve cash in an amount sufficient to meet the interim fimding
needs of ULID No. 2002-01 is presently on hand within the Arterial Street Fund (Fund 101); and
WHEREAS, the City Council authorized a loan from the ER&R Fund on August
13, 2003 in the amount of $1,056,384 to ULID No. 2002-01 Fund with an expiration date of
March 1, 2004; and
WHEREAS, the current balance outstanding on this loan is $500,000 and
additional funds beyond this amount will not be required; and
WHEREAS, the construction of this project is now complete but delays in its
completion and closeout require this loan to be extended with repayment by March 1, 2005;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF BREMERTON,
WASHINGTON, DOES HEREBY RESOLVE AS FOLLOWS:
SECTION I. The City of Bremerton's Director of Financial Services is hereby
authorized and directed to execute an interfund loan firom the Arterial Street Fund (Fund 101) to
the ULID No. 2002-01 Fund (Fund 403) in the amount not to exceed $500,000 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 paid to the Arterial Street Fund from ULID No. 2002-01 Fund on
or before March 1, 2005.
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/7~ day of
l..z2004.
DAREN NYGREN, Council~regident