HomeMy WebLinkAbout3113 RESOLUTION NO. ( � �
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A RESOLUTION, of the City Council of the City of
Bremerton, Washington, authorizing an Inter-fund Loan to the �.
General Fund from Wastewater Fund.
WHEREAS, the General Fund has an immediate need for cash with which to
finance its operations pending the receipt of property taac and other revenues; and
WHEREAS, surplus cash in an amount sufficient to meet these cash flow needs is
presently on hand in the Wastewater 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 an
inter-fund loan from the Wastewater Fund to the General Fund in an amount not to exceed
$1,500,000. This loan shall bear interest at the rate of .50% per annum to be repaid not later than
May l, 2011. .
SECTION 2. Severabilitv. If any one 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. E ff'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 (� � , 2010.
NI WOFF , Council President
APP O FORM: TTEST:
'� / �
. OVICH, City Attorney CARO G N, City lerk
R:\Legal\Legal�Resolutions�Finance�2010 Interfund Loan - General Fund Cash Flow.doc
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Inter fund Loan to the
General Fund