HomeMy WebLinkAbout2918 RESOLUTION NO. ~t~
A RESOLUTION of the City Council of the City of
Bremerton, Washington, authorizing interfund loan to the
Wastewater Utility Fund fi.om the ERR Fund.
WHEREAS, the Wastewater Utility Fund (Fund 451) has a current cash shortfall;
and
WHEREAS, the Wastewater Utility Fund has a history of cash deficiencies and
the Wastewater Utility Fund currently does not have sufficient resources to provide cash flow
needs 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 ERR Fund (Fund 510) 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:
SECTIONL The City of Bremerton's Director of Finance is hereby authorized
and directed to make interfund loans fi.om the ERR Fund (Fund 510) to the Wastewater Utility
Fund (Fund 451) in the amount not to exceed $1,500,000 to meet the cash flow needs of the
Wastewater Utility Fund. This loan shall bear interest at a rate of 2.5% per annum and shall be
repaid to the Equipment Rental and Revolving Fund from the Wastewater Utility Fund on or
before December 31, 2004.
SECTION 2. Severabilitv. 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 thiso2,Ztl~ay of
(~~004.
DAREN NYGREN, Co~r~mtil'President
~GER LUBOVICH, City Attorney ,~ .... · ' lerk
R:~LEGALkResolutions~Finance~Inter-Funj;I,Eoan Res(WW1-04).doc
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Inter-Fund Loan