HomeMy WebLinkAbout0996 WHEREAS, certain tax receiots to which the City of
Bremerton,is entitled during each calendar year are not received
until a£ter 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 s great inconvenience and cost to
the city, its employees, and creditor, now, therefore,
C'
BE iT ]RESOL~?ED by the City Council of the lty of Bremerton:
t. That the Oity Treasurer be and she is hereby
authorized to transfer, on loan, at the beginning of eac~ and
every month during !958, sufficient funds from the Water Works
Betterment Fund 1957, or other Water F'unds to the general fund,
to p~y any and all outstanding warrants issued the previous month
upon the general fund.
2. That the general fund shall pay interest, at the
rate of 3~ per annum upon all funds so borrowed from the Water
Works Betterment Fund 1957 or other Water Funds.
~. That the ~ity Treasurer be and she is hereby directed
as soon as sufficient tax receipts are paid in the 6eneral fund to
pay back to the Water Works 8etterment Fund 1957 or other i~ater
Funds all funds including interest, therefrom borrowed.
~. 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 authorized.
5. Resolution No. 99~ be and the same is hereby repealed.
PASSED by the City Council of the City of Bremerton,
sighed by the Mayor and attested by the City Clerk in authentication
of s~ch passage this 12th day of February, 1958.
ATTEST: , Mayor
E. ~. T. ~GOWAN, City Clerk