HomeMy WebLinkAbout3107 RESOLUTION NO. 3 I 07
A RESOLUTION, of the City Council of the City of
Bremerton, Washington, authorizing an Inter-fund Loan to the
Harborside Plaza and Commons Fund from the Water Fund. �
WHEREAS, the Harborside Plaza and Commons Fund has a temporary need for
cash with which to finance a property purchase pending the receipt of grant funds; and
WHEREAS, surplus cash in an amount sufficient to meet these cash flow needs is
presently on hand in the Water Fund; NOW THEREFORE,
THE CITY COUNCIL OF THE CITY OF BREMERTON, WASHINGTON,
DOES HEREBY RESOLVE AS FOLLOWS:
SECTION 1. The Finance Oi�icer is hereby authorized and directed to make an
inter-fund loan from the Water Fund to the Harborside Plaza and Commons Fund in an amount
not to exceed $800,000. T'his loan shall beaz interest at the rate of .25% per annum and be repaid
not later than April 30, 2010.
SECTION 2. Severabilitv. If any one or more sections, subsections, or
sentences of this Resolution are held to be unconstitutional or invalid, such decision sha11 not
affect the validity of the remaining portion of this Resolution and the same shall remain in full
force and effect.
SECTION 3. Efl`'ective 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 this��
day of 2 2010.
WOFF , Counci resident
APPROVED AS TO FORM: ATTEST: ��
�
,
RO R A. LUBOVICH, C' Attorney CARO GEN, City lerk
R:\Legal�Legal�Resolutions�Finance�2010 Interfund Loan - Harborside Plaza and Commons.doc
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Inter fund Loan to the
General Fund