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RESOLUTION NO. 30 B 7
A RESOLUTION, of the City Council of the City of
Bremerton, Washington, authorizing an Inter-fund Loan to the
General, Street and Gold Mountain Golf Course Funds from the
Equipment Rental- Equipment Reserve Fund.
WHEREAS, the General, Street and Gold Mountain Golf Course Funds have an
immediate need for cash with which to finance their operations pending the receipt of tax and
greens fee revenues; and
WHEREAS, surplus cash in an amount sufficient to meet these cash flow needs is
presently on hand in the Equipment Rental Reserve Fund; NOW THEREFORE,
THE CITY COUNCIL OF THE CITY OF BREMERTON, WASHINGTON,
DOES HEREBY RESOLVE AS FOLLOWS:
SECTION 1. The Finance Officer is hereby authorized and directed to make
inter-fund loans from the Equipment Rental Reserve Fund as follows:
General Fund - $500,000
Street Fund - $100,000
Gold Mountain Golf Course - $100,000
Loans to the General Fund and Street Fund shall bear interest at the rate of 1.0% per annum. The
loan to the Gold Mountain Golf Course shall bear interest at the rate of 2.0% per annum. These
loans shall be repaid not later than April 1, 2010.
SECTION 2. Severabilitv. If anyone 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.
day of
7rt PASSED by the City Council of the City of Bremerto. n, Washington this ~
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cCONNELL, Council President
APPROVED AS TO FORM:
ATTEST:
GER A. LUBOVICH omey
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Inter-fund Loan