HomeMy WebLinkAbout821 SOLU O NO.
WHEREAS, the Oity of Bremerton has incurred indebtedness
for the purchase of pipe in the amount of approximately Fifty
Thousand ($50,000;00) Dollars and will be charged for such pur-
chases in January, 1953, and the Water Cumulative Reserve Fund
has not sufficient cash on hand at the present time to pay for
said pipe but will be receiving sufficient funds to pay for
same by March lC, 1953, and
WHEREAS, the Water Cumulative Reserve Fund has a sub-
stantial sum of money invested in Local Improvement District 252
bonds and in United States Treasury Bonds which will be payable
by March lC, 1953, and that there is on deposit in the Sewage
Disposal Construction Fund a sum in excess of Twenty-five Thousand
($25,000.00) Dollars which is not necessary for payment out of
said fund until after March lC, 1953, and that by making a loan
from the Sewage Disposal Construction Fund in the sum of Twenty-
five Thousand ($25,000.00) Dollars to the Water Cumulative Reserve
Fund it will not be necessary to make a transfer of investments
and said Sewage Disposal Construction Fund can be repaid by
March lC, 1953,
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of Bremerton that a loan of Twenty-five Thousand ($25,000.00)
Dollars be made from the Sewage Disposal Construction Fund to the
Water Improvement Fund, such loan to be without interest and to be
repaid to the Sewage Disposal Construction Fund on or before
March lO, 1953, and
BE IT FUR~ER RESOLVED that said loan, together with the
cash on hand in the Water Cumulative Reserve Fund and/or Water
System Improvement Fund will be sufficient to pay for charges for
pipe and the same should be used in payment therefor.
PASSED UNANIMOUSLY by the City Council of the City of
Bremerton, signed by the Mayor and attested by the City Clerk
in authentication of such passage this 31st day of December,
1952.
ATTEST:
E.H.T. ~C GOWAN, City Clerk
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