HomeMy WebLinkAbout0994 WHEREAS, certain tax receipts to which the City of
Bremerton is entitled during each calendar year are not received
until after the month of April, and
WHEREAS, the deficiency in the general fund during
this part of the year makes it necessary for the city to issue
interest bearing warrants at a ~reat inconvenience and cost to
the city, its employees, and creditors, now, therefore,
BE IT RESOLVED by the City Council of the City of ]Zremerton:
1. That the City Treasurer be and she is hereby
authorized to transfer, on loan, at the beginning of each and
every month during i95~ sufficient funds from the Water Works
Betterment Fund 1957, to the general fund, to pay any and all
outstanding werrants issued the ~revious month upon the general fund.
2. That the general fund shall ~ay interest at the
rate of 3~ per annum upon all funds so b~rrowed from the Water
Works 6etterment Fund 1957.
3. That the City Treasurer be and she is hereby
directed a~ ~o~ as sufficiant tax receipts are paid in the
general fund to pay back to the Water Works Betterment Fund 1957,
all funds including interest, therefrom borrowed.
g. The City Treasurer is further authorized to cash,
when necessary, any treasurer notes, bonds, or other negotiable
instruments in which said Water Works Funds may be invested in
order that sufficient cash may be acquired to make the necessary
transfers as herein ~uthorized.
PASSED by the City Council of the Oity of Bremerton,
signed by the Mayor and attested by the City Clerk in authentication
passage this ~~day of January, 1958.
such
ATTEST:
-E. ~. T~ McGee'AN, Cit~ClerM"