HomeMy WebLinkAbout01/20/2010 5J DATE SUBMITTED: January 11, 2010 ---- �- . ` --- - - r �_."-- ,
AGENDA BILL _ __ _ - �� ;,' �� - - _-- -
CITY OF BREMERTON
CITY COUNCIL
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SUBJECT: Resolution No. 3 � v7 Committee Meeting Date: 1/13/2010
Authorization of an Interfund Loan to the COUNCIL MEETING Date: 1/20/2010
Hazborside Plaza and Commons fund from Deparhnent: Finance
the Water fund. Presenter: Cathy Johnson
Phone: 473-5296
SUMMARY: The proposed resolution will provide for an interfund loan for up to $800,000 to
finance the temporaxy cash flow need of the Harborside Plaza and Common fund. Grant funds to pay
for the purchase of the former Westsound Bank building are available from an existing grant with the
WA Dept of Commerce but due to a requirement to amend the grant prior to drawing the funds the
receipt of cash will be delayed beyond the purchase closing date. A temporary loan for cash flow
purposes is necessary to bridge the gap.
ATTACHMENTS:
Proposed resolution I�o � 3,_.�.�
FISCAL IMPACTS (Include Budgeted Amount): Interest costs during 2010 will not exceed $500.
APPROVALS:
DEPARTMENT DIRECTOR:
CITY ATTORNEY: —
FINANCE DIRECTOR: �
MAYOR:
FISCALBUDGET: CONSENT AGENDA �
OPERATIONS: GENER L U S E
COUNCIL PRESIDENT:
RECOMMENDED MOTION: ve to app Resolution No. 3 I°? authorizing an interfund
loan from the Water fund to the borside Plaza and Commons fund.
COUNCIL ACTION: Approve ❑ Deny ❑ Table ❑ Continue ❑ No Action